Chant with me, y’all: Pon-ZI! Pon-ZI! Pon-ZI! Pon-ZI! PON-ZI! PON-ZI! Wait til you hear what these Pillars of Society were up to! Prince Charming #1: Westgate Capital Management’s James Nicholson, had a fake accounting firm since 2004. He set up a “virtual office” and had calls to this phantom auditor forwarded to himself! In the…
Ponzi Schemes
Items That Almost Made the Stimulus Bill
With almost a trillion dollars up for grabs, congressmen and women from every state took the opportunity to shove through some of their constituents’ pet projects they’ve been sitting on for years. Yes, the bill is pretty bloated, and many of the items have nothing to do with current economic stimulus. Unfortunately, there were some fairly…
Quick Comment: Stanford Bank Ponzi Scheme
I’ve been asked for my thoughts on the latest Ponzi scheme, the Stanford International Bank Certificate of Deposit Fraud… #1 If you put your entire “life savings” into a bank in the Caribbean, chances are you’ve got something to hide, so…sucks for you. #2 This is a CD paying out double what every other CD…
Agape World: More Red Flags Than An Evening At Medieval Times
There’s a bull market in thieves and dirtbags…quick – create an ETF! They just unearthed yet another Ponzi scheme, this time it’s a construction bridge loan scam called Agape World in Hauppauge, New York. Nicholas Cosmo, an ex-broker with a boiler room past and a conviction for securities fraud, has spent the last 8 years…
Top 10 ETFs They Haven't Created Yet
With over 400 Exchange Traded Funds (ETF’s) on the market right now and new ones being issued each week, it would seem that we could be reaching the point of ETF overload. That said, it would be tough to say that we have too many ETF’s until we get to the point that we start seeing products like the ones listed below…
Girls of Ponzi 2009 Calendar
Girls of Ponzi 2009 Calendar Ruth Madoff January 2009 Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Michelle Schrenker February 2009 Sunday Monday Tuesday Wednesday…
This Just In: Art Nadel, Where Art Thou? (updated)
My, my, my…and I thought that all of these billionaire “money managers” actually earned the money they were wiping themselves with. CNBC just posted an alert that Art Nadel of Sarasota, Florida-based Valhalla Management is missing, according to his wife, who is “cooperating” with authorities.
Hot Links
Hot Links Weekend Reading: The always erudite Equity Private wrote two great posts this week on Dealbreaker. The first was a satirical how-to guide to escaping capture after a “Massive Financial Fraud“. The advice includes “Don’t Watch CSI” and “Have a Plausible Explanation for Why Your Body isn’t Found”. He also wrote a timely and…
