We are curious where the hell are the auditors who go through the books of all these Ponzi schemes? Was Arthur Anderson auditing this guy?Sphere: Related Content Print this post
Tuesday, January 20, 2009
Posted by Tyler Durden at 5:46 PM
Florida, Indiana, Georgia, even Idaho, ponzis seem to pop up in the strangest of places. Next up: Philadelphia, where Joseph Forte, 53, was charged by U.S. prosecutors with mail fraud allegations that he ran a $50 million Ponzi that bilked charity, church and private school investors. Forte apparently ripped off 80 investors between February 1995 and 2008. Forte "made" its money trading S&P 500 stock index futures. Oh come on, no hedge fund in modern history has made a penny trading that stuff. But apparently Forte told the prosecutors that he "falsely reported investment returns of up to 38% when in fact he regularly lost money in his futurea trading." Forte had told investors his fund had a value of more than $154 million when the trading account was worth less than $146,814 but at least he paid himself million of dollars in salaries and fees.