5 ms·
Feds sentence Bay Area man for orchestrating $1B Ponzi scheme
- moneywoes 5y agoWow shocked this still goes on today. I would thinks professional investors would do more due diligence
- OneTimePetes 5y agoWait till you see the forests and solar plants "green-washing" money bought in the third world..
- hoppyhoppy2 5y agohttp://archive.today/nkXOe http://archive.today/nkXOe
- mam4 5y agoThis is so impressive i still wonder how people like that just don't leave the country after like 10M
- LocalH 5y agoPeople are often greedy. Instead of getting out when they're ahead, they get sucked into the "sunk cost fallacy", where they've invested so much time/money that they feel like they must see it through to completion. I've noticed this in myself throughout my life from time to time.
- emerged 5y agoEveryone knows by now you need to start a crypto snake oil company if you want to get away with fraud at that scale.
- lern_too_spel 5y agoThese people generally work with clients that can move lots of money. If somebody who knew that Madoff was running a ponzi scheme democratized access to his fund by marketing the fund to small fish, collecting money from them, taking a management fee, and investing the remaining amount with Madoff, we would seriously question their ethics. Coinbase, Robinhood, and now Wealthfront seem to be getting away with the same thing without criticism.