What is it with horrific money management by celebrities and sports stars? What is it about Wesley Snipes in particular?
Snipes could go to prison for tax evasion — he’s appealing an April 2008 conviction — but now he may have lost millions of dollars in a Ponzi scheme.
New York Post: …a court case in Britain has revealed that Snipes may have lost millions of dollars during that same period in an alleged Ponzi scheme. Lincoln Fraser and Jared Brook, the two former bosses of a now-defunct British investment firm Imperial Consolidated, went on trial in London at the end of last month accused of defrauding as many as 3,000 victims out of nearly $400 million.
The British couple faces trial for the scheme, which they say was a legitimate investment business felled by the financial crisis.
FT: Imperial’s funds promised annual yields of 15 per cent or even as much as 36 per cent. Imperial even paid for performance figures to be listed in the Financial Times. However, the court heard that the projection of the men as dynamic entrepreneurs was “illusion and not reality”.
The prosecution alleges that Imperial Consolidated’s UK businesses – run from former RAF base Binbrook in Lincolnshire and offering high-interest loans to individuals and businesses – was not “solid and successful” but loss-making.
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