The Feds have uncovered a $40 million Ponzi scheme in Folsom, CA. If the miscreants get convicted on state charges, Folsom Prison is right there waiting for them. How convenient.
Investors were promised low risk investments paying 42% a year. Sigh. Just some relatively small time bottom feeders making a fraudulent living from the table scraps ignored by the big players in our apparently quite corrupt financial system.
How many more Ponzi schemes are out there? Hundreds, probably.
If someone came to be with a promise of 42% and low risk I would run or maybe ask if the person was a Nigerian Prince. Don’t get me wrong, Ponzi Schemes are wrong, but you need to use common sense.