Bloomberg BusinessWeek had a story on September 2 titled “Wayne McLeod: The Life and Death of a Mini-Madoff.”
This Ponzi scheme was particularly brazen as it targeted federal law enforcement personnel.
The story is an interesting one. I would slightly disagree with one statement in the article, “As primitive as they are, Ponzi schemes are not easy to spot.” I would say that some Ponzi schemes are more obvious than others; as well, I wouldn’t classify Ponzi schemes as “primitive.”
I have previously written a few posts on investment frauds and Ponzi schemes, as I believe that this is a topic that has important implications for both investors and capital markets.
A Special Note concerning our economic situation is found here
SPX at 1098.87 as this post is written