Wednesday, April 10, 2013

Ponzi "winners", don't hide your assets or you'll be sorry

Ponzi in 1920
Ponzi in 1920 (Photo credit: Wikipedia)
Ponzi schemes are easy to pull off with a bit of credibility. When Ponzi "winners" attempt to hide their assets from the law and creditors, they make things much worse. As the two men in Arizona found out when they agreed to help a Ponzi scammer hide assets.

Ponzitracker reported that the Hall Brothers of Arizona were arrested and indicted in Arizona. Authorities stated that they were in contact with a "winner" in a 90 million Ponzi scheme. Lindsey Howell, of South Carolina, did not start the Ponzi (That would be "Ron Wilson" former councilman in South Carolina)  However, Howell benefited hugely from it, to the tune of millions, as he did not disclose he was paid millions for promoting the scheme to others. Ron Wilson is spending 19 years behind bars for spending 60 million (much paid out to people like Howell) of the 90 million he soaked up.

Howell plead guilty earlier this year to wire fraud conspiracy, but also contacted the Hall brothers and transferred to them real estate, a truck, plus gold and silver, in exchange for "lifetime payments" from the Hall brothers. The silver alone has a market price of almost 300K

Advice to people who benefited from a Ponzi... Don't attempt to hide your assets. People will find out, then you'll be charged with even WORSE crimes.

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