ONLY $2 BILLION PONZI SCHEME NO PROBLEM

By
Real Estate Agent with Precision Real Estate Inc. SA535849000

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.

 UNIVERSITY OF REAL ESTATE!

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Topic:
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Rainmaker
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Roy Kelley
Retired Real Estate Broker, Maryland Blogger

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.

July 11, 2009 06:45 AM
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Harry F. D'Elia
Investor , Mentor, CSSN, Radio Coach, REOs, ABR
Precision Real Estate Inc.

Roy-that is a can of worms waiting to be open by lawyers.

July 11, 2009 06:49 AM
Rainer
106,963
Tim Green
Real Estate and Beyond LLC

People fail at bingo. This ponzi scheme is getting bigger and bigger. Pulling my money out of Wall STreet

July 11, 2009 11:22 AM
Rainer
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Stephanie D'Elia
Real Estate and Beyond LLC

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

 

July 11, 2009 11:44 AM
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Katiejo Franks
Real Estate and Beyond, LLC

Great post on this subject. I look forward to more posts from you at a later time.

July 15, 2009 02:14 PM
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Additional Information

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.