James Walsh's You Can't Cheat an Honest Man: How Ponzi Schemes and Pyramid PDF

By James Walsh

ISBN-10: 1563431696

ISBN-13: 9781563431692

This booklet takes an investigative examine the explanations why Ponzi schemes and pyramid frauds are thriving this present day. It heavily examines why over 100,000 americans are suckered into the schemes each year. utilizing dozens of memorable case reviews, from Charles Ponzi's unique rip-off within the Twenties to the frilly New period philanthropy fraud of the Nineties, the e-book scrutinizes the mechanics at the back of those misleading plots. It considers the underlying elements, monetary and mental, that pump lifestyles into the scams. It additionally takes an in depth examine regulatory ideas and different felony matters. most significantly, it describes the trendy adaptations that perpetrators and swindlers use to promote their schemes. counsel are provided to become aware of schemes and reply after they happen. The ebook goals to teach shoppers and lead them to conscious of how monetary scams work.--From writer description.

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Extra info for You Can't Cheat an Honest Man: How Ponzi Schemes and Pyramid Frauds Work...and Why They're More Common Than Ever

Sample text

A federal appeals court later held that sentences for crimes arising out of a Ponzi scheme were not subject to enhancement on the grounds the defendants specifically targeted elderly investors. So, it asked Duff to reconsider his sentence. He did—and found stronger legal grounds for keeping the same, harsh sentences. Specifically, he wrote: In this court’s view, the crime is more heinous if, as in this case, there are 3,300 [investors] and the total loss is $7 million as opposed to if there were 10 [investors] with the same loss....

Many people think they know the cable industry because they watch a lot of ESPN and HBO. “It was the largest mix of people I’ve ever seen,” says a southern California perp who sold bogus wireless cable securities in the early 1990s. “When you’re selling gold or real estate, you get wealthier people who think they know what they’re doing. In wireless cable, you get all kinds. Doctors and dentists, sure. But also truck drivers and people working retail. They’re greedy. ” The State of the Crooked Art: Pre-paid Telephone Cards As the 1990s wore on, consumer complaints and SEC investigations chased many Ponzi perps out of the wireless cable business.

UEC recruited life insurance agents and financial planners to sell modules on a commission basis. The contracts for the modules usually provided for down payments ranging from 36 percent to 43 percent of the purchase price, with the remainder financed by long-term, generally nonrecourse, promissory notes which were payable in semiannual or annual installments and secured by the modules themselves. 44 Chapter 3: A Better Mousetrap Makes a Good Scam In a typical United Energy sales agreement, a person bought a $40,000 module with a $14,500 down payment and signed a 30-year promissory note for $25,500 in monthly payments.

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You Can't Cheat an Honest Man: How Ponzi Schemes and Pyramid Frauds Work...and Why They're More Common Than Ever by James Walsh

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