The SEC has busted another Ponzi scheme and ordered its operators to “disgorge their ill-gotten gains.” In this one, Anthony Vassallo of “Equity Investment Management and Trading” recruited investors through his church by saying he had a computer program that would guarantee a 3.5% return on stocks. Eventually he stopped trading and paid off investors using other investor’s money, while shoveling the rest of the funds into other schemes and scams. Vassallo was eventually busted when his investors ganged up on him and said his reports were phony-baloney.

(Photo: The Searcher)

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