 The Wild Wild World of Wealth |  |
Nevin Shapiro billed himself as one of the largest grocery wholesalers in the U.S. Nevin Shapiro is now spending the next 20 years in a federal prison. What what wrong? For one, Shapiro raised almost $1 billion from investors but never sold groceries.
Even a little due diligence would have uncovered the fraud. Royal West was “paying” investors a higher rate of return than it was charging borrowers who were purchasing real estate from the company. In other words, it was a mathematical impossibility that the loans being made the company could generate the required rate of return needed to pay investors.
There’s something strange coming to the neighborhood. Who you gonna call? Fraud Busters!
I don’t think so.
What do a $16 million Ponzi scheme, couple with a big lifestyle, and $24,000 family vacation have to do with each other? Read Brian Mahany’s post, and I think you will be POed big time.
Talk about gall. This bizarre lawsuit may take the cake. Click the attached to read Brian Mahany’s story about how an alleged Ponzi schemer, the formerly venerable “Sir” Allen Stanford, is suing the government.
Credit counselors are there to help us manage our finances, get out of debt and help us achieve financial freedom. Apparently Alfred Parker of Woodland Hills, California didn’t quite understand that. Parker, who worked as a credit counselor for a non-profit company providing credit counseling to low-income families, was sentenced this week to 46 months in a federal prison. His crime? Bilking $2 million from his victims.
| | |
© 2012 Acrimoney. All rights reserved. Norb Vonnegut's Author Site
"The Gods of Greenwich is a pure delight, racing relentlessly from the bedrooms of Manhattan to the boardrooms of Connecticut to the banks of Iceland. Bravo!”