Friday, January 30, 2009

New Spin on Ponzi Idea: (Not) Investing Clients' Money in TARP

Yes, this guy is small time, ripping off people for "only" $6.5 million, but his approach is unique. In the SEC complaint filed against Nashville, TN advisor (who is not registered as an advisor anywhere but presented himself as one), Gordon Grigg and his firm Pro Trust, the mini-ponz took investors money "and misrepresented that their money was invested in the federal government's Troubled Asset Relief Program (TARP) and other securities that, in reality, do not exist."

Seems the next wave of ponzi is taking taxpayers' money to (not) invest it in taxpayers' money... Oddly elegant when one thinks about it.

It is not known whether Gregg is currently fleeing by green Subaru or trying to work the autopilot on Falcon 7x. Sphere: Related Content
Print this post