Post-Madoff, investigating Ponzi schemes is now an SEC priority. They already busted one of them that targeted Haitian Americans, and they may be close to nabbing another one — a big one.
Bloomberg: The U.S. Securities and Exchange Commission is pursuing at least one case in which investors may have been cheated out of as much as $1 billion, according to one person, who declined to name the manager and asked not to be identified because the probe isn’t public.
It’s a Ponzi scheme blind item! Will certainly be interesting if after Madoff and the Haitian one, it yet-again disproportionally hurts a specific ethnic group. The SEC has a warning on its website about so-called affinity frauds, Ponzi schemes and the like, which specifically go after members of a religious group or ethnicity.
Meanwhile, you know that Christopher Cox would love to get in one last big bust before he rides out of town.