The latest mini-Madoffs

mini me

Clusterstock profiles four Ponzi scams today; one conviction and three sets of indictments. My favorite –

Edward Purvis, the man who promised churchgoing investors in Arizona and 12 other states he could make them wealthy while funding Christian causes, was indicted Friday on 43 counts of fraud and theft.

Of course, compared to Made-Off, these folks are minor league, just a couple hundred million dollars total. Chump change.

ACLU lays off 10% of workforce because two donor foundations got wiped out by by the Madoff scandal. The mini-Madoffs could only dream of causing so much damage.

What I still don’t understand is why so many put all or most of their money with him. Sure, maybe ignorance of basic investing rules might be the reason a millionaire widow lost everything, but foundations have investing committees that are supposed to provide oversight and should have known not to put too much money into one investment.