When someone makes a promise that seems too good to be true: like saying you’ll be “stinkin’, filthy rich” if you invest in their green energy technology, it’s a good idea to look into that proposition with a little more scrutiny. That kind of attractive, yet ultimately worthless deal cost consumers nearly $54.5 million, federal prosecutors say. [More]
In football, a cornerback is tasked with defending against pass offenses. It appears one former NFL player wasn’t doing much defending on behalf of investors off the field. Instead, the Securities and Exchange Commission alleges former New York Giants player Will Allen used his big league connections to assist in the operation of a $31 million Ponzi scheme based on making loans to cash-strapped pro athletes. [More]
A recent settlement will see a group of Bernie Madoff’s victims in his Ponzi scheme receive $405 million. Clients of hedge fund manager J. Ezra Merkin, including New York Law School, Bard College, Harlem Children’s Zone, Homes for the Homeless and the Metropolitan Council on Jewish Poverty are included in the settlement. New York state will also get $5 million to cover the legal costs of the settlement.
There’s a cool article over at Bay Citizen that gives a play-by-play account of a private investigator’s efforts to tail a suspected Bay Area ponzi scheme master. What makes it all the more interesting is that the target, an ex-con and fugitive, had developed an arsenal of tactics he used used to try to evade anyone who might be tracking him.
Actor Kiefer Sutherland has lost $869,000 to a con-man who roped him into a bum cow investing scheme. Shyster Michael Wayne Carr had a plan to buy cows in Mexico and sell them in the US for a profit, but allegedly never bought the cows and sold cows that weren’t his.
“Help me, Obi-Wan Consumerist. You’re my only hope.”