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Ponzi schemer agrees to cop a plea
Another shakeup in sunny California - and this one isn't from an earthquake!
A Newport Beach man accused in a Ponzi scheme has agreed to plead guilty to charges of federal fraud and money laundering, federal prosecutors said Wednesday.
John Carl Willy, 64, is accused of running a phony investment business, promising investors a return of 10% a quarter or more.
[...]
According to his plea, Willy scammed investors out of nearly $4.2 million, prosecutors said.
Of course, the story goes on to report some of the details of the lavish lifestyle this scammer helped himself to, thanks to the supply of other peoples' $$$$MONEY$$$$$. It's interesting how the lessons of Enron, Worldcom, etc. seem to have gone unnoticed. I thought these loooooong prison sentences were supposed to be a deterrent.
Maybe what we need is something to act as a detergent, and convince them to clean up their act.
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