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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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

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. 

 

Jul 11, 2009 06:03 AM #1
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

Lenn-How many more companies are out there not caught as of today? More will come down.

Jul 11, 2009 06:05 AM #2
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Eric Villaverde
DoubleTree Home Inspection Services L.L.C. - Phoenix, AZ

It is only money-print more of it

Jul 11, 2009 06:35 AM #3
Anonymous
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Dan

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.

Jul 11, 2009 06:37 AM #4
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

I believe more and more people will turn to real estate as investment. People Cannot trust Wall Street

Jul 11, 2009 06:43 AM #5
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

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.

Jul 11, 2009 06:45 AM #6
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

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

Jul 11, 2009 06:49 AM #7
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Tim Green
Real Estate and Beyond LLC - Chandler, AZ

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

Jul 11, 2009 11:22 AM #8
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Stephanie D'Elia
Real Estate and Beyond LLC - Tempe, AZ

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

 

Jul 11, 2009 11:44 AM #9
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Katiejo Franks
Real Estate and Beyond, LLC - Scottsdale, AZ

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

Jul 15, 2009 02:14 PM #10
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