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Ponzi scheme activities spread all the way to Idaho
New York City apparently has no lock on Ponzi schemes. Perhaps Madoff is just the tip of a large iceberg that runs the length of America.
According to The Wall Street Journal (subscription required), "Idaho securities regulators are investigating allegations that a money manager in the state operated a long-running Ponzi scheme that cost investors as much as $100 million."
In Idaho, the value of the dollar is such that $100 million is worth about the same as $50 billion is worth in NYC.
What the news shows is that the great bull market in assets from stocks to real estate clearly allowed a number of people to dupe investors by claiming remarkable returns In a flat market or a down market, claims like the ones that Madoff made would not have been believable.
As the Dow rose to 14,000, almost anything about making easy month could appear real. Now the chickens have come home to roost.
Douglas A. McIntyre is an editor at 247wallst.com.
Cleveland Lawyers , DFW Metroplex Lawyers
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S.E.C. Report Details Lapses i
