 The Wild Wild World of Wealth |  |
Parrilli and Andersen did not tell investors that they were convicted felons nor did they disclose that they had defaulted on their obligations to other investors. At the time of the new Ponzi scheme, Andersen still owed $6,226,669 in restitution from his first fraud case. Parrilli owed $394,100.
Prosecutors says that Morris told Haley that he had come across an “exclusive investment opportunity” started by the owner of the Houston Astros. The fund was closed to new investors and was claimed to have generated 20% monthly returns for the preceding 8 years. Conveniently, Morris called Haley several days later and said one of the investors had died creating an opening.
Acrimoney ran a post last October about reloading—that’s hitting the same Ponzi victim twice. Now with some Madoff victims losing the spread between a twenty and fifty cents recovery, I wonder if we’re seeing more of the same. Is it savvy investing or is there a functional equivalent of expert networks in the Ponzi world?
60 Minutes: “Do you have any friends?”
Marc Dreier: “Now? It doesn’t seem so.”
Inside Edition: “It’s been reported that Madoff said, ‘Screw the victims.’ What’s your response?”
Answer in chorus: “He already did.”
Read more by clicking on the title above.
Just when it looked like Ponzi schemes had run their course—for the time being—we learned of another. The Daily Beast reported:
Sorry, former President Clinton: It’s not that Ken Starr. A financial adviser with the same name as Clinton’s former nemesis was arrested on Thursday for allegedly perpetrating a $30 million fraud and Ponzi scheme. Clients to Ken Starr, the chairman and CEO of Starr & Company, include Annie Leibovitz, Uma Thurman, Martin Scorsese, Wesley Snipes, and Henry Kissinger. Authorities also arrested Andy Stein, the former Manhattan borough president and New York City Council president, for lying to officials conducting the probe.
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