Friday, May 31, 2013

HILARIOUS AND SAD: Ponzi scammers will even prey on family

Commodity Futures Trading Commission
Commodity Futures Trading Commission
(Photo credit: Wikipedia)
Ponzi schemers are such narcissistic personalities, they think the entire world owe them something, and EVERYBODY deserves to be cheated, even family and friends.

Recently, a Wisconsin man was sentenced to 3 years in prison plus a 5 million dollar fine (to repay his victims) after he earlier plead guilty to cheating everybody, including his family, into giving him money to do commodity trading, promising 25% of the profit he made (and he claimed he will make 25% a year). He was able to soak up 5.3 million dollars (300K from his family) through some fast talking.

From 2009 to 2012, his trading was so lousy he LOST 3 million instead of making the 25% he promised. Instead of admitting his ineptitude, he covered it up with fake statements, fake tax returns, and the like, paid off at least one investor with money from the common pool, and misappropriated at least 1.3 mil and used some of it for his personal expenses.

When CFTC and US Attorney's Office raided him in July 2012, he plead guilty the same day.

And now he gets to spend 3 years in Federal jail, and the judge went easy on him because Federal sentencing guidelines says 5-6 years for a crime of this magnitude.

No doubt that somewhere in his mind he really thought he can somehow 'make it back' if he'd gotten just a bit more time.

Thanks to Jordan "Ponzitracker" Maglich for his link at
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