http://www.miamiherald.com/2010/03/03/1510055/sec-accuses-miami-couple-of-running.html pssssh. small potatoes. But it's the Cubans this time affected...
Donald Trump does it all the time, many of the dot-com startups too. Raise capital, speculate wildly, pay yourself a huge salary, oops we are bankrupt.
I just wonder if they pay out to offshore providers before they go boom. In that case, the sec is just setting up the funeral, and the folks have already collected the insurance.
I dont know I smell bullshit on this one. 9-12% is not in the realm of ponzi They were in the real estate business, by that definition everyone in the real estate business is in a ponzi scheme. People invested their life savings, wtf how stupid can you be. Sheep got slaughtered. As usual all the two bit crooks and just business people who fall on hard times are chased by overzealous prosecutors more interested in scoring political points. But do they go after the real crooks, the ones that pull the strings. I am still waiting for BOA, Countrywide, Citi, GS, AIG, ponzi arrests. Should I hold my breath FOBAMA
What is it about these people that they will invest ALL their life savings with one person or firm? It's crazy. Even investing 50% would at least be survivable in financial terms.