Sunday, December 12, 2010

Hundreds of Ponzi Perps, Thousands of Victims

Bernie Madoff was exceptional only for the scale and duration of his thievery. See Plenty of Ponzis:
Confessed Ponzi schemer Sean Mueller received a 40-year prison sentence last week.
Since Aug. 16, the [U.S. Department of Justice] has rounded up 343 criminal defendants and 189 civil defendants, many accused of running schemes similar to Mr. Mueller's. The department tallied 120,000 victims and $10.3 billion in losses.
It's a jungle out there – which is why many investors need a fiduciary on their side.

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