GO OUT TO RECRUIT MORE PEOPLE!

We have another Ponzi scheme busted by the Securities and Exchange Commission. This time it was only $2 billion. I heard they are starting a new club-Ponzi Us!They froze the assets of a hedge fund in the amount of $2 billion feeder fund. The name of the businessman was  Thomas Petters. How do these people get away with this when we have a heavy duty monitoring system? Are these officials accepting bribes to look the other way or are they that naive? You have to think about this at times.

"Bell lied to investors to induce them to hand over their money, and then hung them out to dry while millions of dollars in fees continued to flow into his own pockets," said Merri Jo Gillette, head of the SEC's regional office in Chicago. The SEC's securities lawsuit against Petters accuses him of running a Ponzi scheme from 1995 through last September. In the scheme, Petters allegedly promised investors that proceeds from the notes they were sold would finance the purchase of consumer electronics by vendors, who then re-sold the merchandise to big retailers such as Wal-Mart Stores Inc and Costco Wholesale Corp.

CITED: http://www.reuters.com/article/domesticNews/idUSTRE56958Q20090710

It was a complete bust and this person cheated money out of investors to bottom line this story. There is no more trust on Wall Street. Where will people put their money? Real estate and other alternative investments will be the answer. People will start purchasing tangible assets and avoid paper assets to obtain a sense of security. People can no longer fool around with their retirement money. They will need it to live on when they become old. We need to educate more people about the power of real estate investing.

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10 Comments on ONLY $2 BILLION PONZI SCHEME NO PROBLEM

JUL
11
2009
1,945,501 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

What took them so long????

It appears that the SEC has abandoned any effort to examine financial reports and simply waits for chips to fall and then move in to act.

Of course, this company never filed a report.  Even more interesting because the SEC is supposed to regulate the investment industry and make sure that companies accepting investments are registered and file reports.

I believe that the job of oversight of the investment industry is just too big for the SEC as we know it. 

 
6:03am • #1
940,410 Points 26 Featured Posts Outside Blog Attended Rain Camp

Lenn-How many more companies are out there not caught as of today? More will come down.
6:05am • #2
188,478 Points

It is only money-print more of it
6:35am • #3

You have to figure with news like this coming out of Wall Street at such an alarming pace that the money will start to flow back into the housing market again.  I just saw a listing go on the market that sold in three days - it had 13 all cash offers.  I am guessing that many investors have taken their money out of the stock market and are buying foreclosures in order to fix them up for the first time homebuyers who need to settle before 12/01/09.
Dan
6:37am • #4
940,410 Points 26 Featured Posts Outside Blog Attended Rain Camp

I believe more and more people will turn to real estate as investment. People Cannot trust Wall Street
6:43am • #5
1,438,895 Points 26 Featured Posts Outside Blog Called Shot Master

They catch only a small portion of the criminals. Same thing we have with fraud in real estate. The jails would be fuller if they included everybody that provided false information in their mortgage loan applications.
6:45am • #6
940,410 Points 26 Featured Posts Outside Blog Attended Rain Camp

Roy-that is a can of worms waiting to be open by lawyers.
6:49am • #7
106,963 Points

People fail at bingo. This ponzi scheme is getting bigger and bigger. Pulling my money out of Wall STreet
11:22am • #8
100,478 Points

Where are the regulators on this one? Thanks for sharing this post

 
11:44am • #9
JUL
15
2009
170,043 Points

Great post on this subject. I look forward to more posts from you at a later time.
2:14pm • #10


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Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, ABR, ePRO, CDPE

Phoenix, AZ

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Precision Real Estate Inc.

Address: 4425 W. Olive Avenue #178, PROPERTY MANAGEMENT $60 PER MONTH PER DOOR, Phoenix, AZ, 85302

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Intended to share information, ideas, and tips on buying and selling real estate in Phoenix, Arizona. Written by realtor and radio host, Harry F. D'Elia. This Blog focuses on the creation of wealth through real estate and is involved in teaching others how to conservativley buy and sell real estate to enhance one's current portfolio. Agent's are welcome to follow along and learn from Harry how to successfully meet your clients needs.


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