Another day, another Ponzi scheme busted

[sixmile]

Keep dragging these insects out into the sunlight.

http://www.sun-sentinel.com/news/local/breakingnews/sfl-boca-ponzi-scheme-p052109,0,4099014.story

'A Boca Raton man was charged by federal prosecutors today in what they say was a $44 million Ponzi scheme over nine years.

Michael Riolo, 37, was charged with five counts of mail fraud stemming from his companies Sterling Wentworth Currency Group and LaSalle International Clearing Corp.

According to prosecutors, Riolo told investors that they would earn money through the companies' trading of foreign currency. They said investors' money was instead used to pay off other investors and for Riolo's personal benefit.

Riolo paid out nearly $30 million to investors as "profit" on their investments, prosecutors said.

If convicted, Riolo could face up to 100 years in prison -- 20 years for each count of mail fraud.'

Good. Sterling Wentworth, my ass.

[suchadeal]

1. Greed is not good and it comes with a very high cost

Mr. Riolo will have plenty of time at the Graybar Hotel to learn from other guests there how to fine-tune ponzi scheme methods.

[Ian David]

3. Maybe some people are willing to live half their life like a millionaire in exchange...

... for living the second half in jail?

[Ian David]

2. If he'd stolen $44 billion instead of just $44 million, he'd be a free man. n/t

[Qutzupalotl]

4. I guess people started asking where their worth went.

[KansDem]

5. Nine-year scheme by a 37-year-old?

So this guy started at age 28?

Wow, I was still trying to get a date when I was 28!

I'm a poet and didn't know it! :D

[Ilsa]

6. LaSalle Securities, not LaSalle International Clearing Group, is a good company.

"Sterling". WentWORTH. Oh brother.