Tuesday, June 17, 2008

A Ponzi Scheme

Desmoinesregister.com reports about the former Indianola, Iowa karate teacher who has now been indicted by a federal grand jury over an alleged, so called 'Ponzi scheme'.

The indictement accuses the 51-year-old man of "carrying out a fraudulent investment operation wherein he offered abnormally high returns to entice investors and then, rather than investing the money so obtained, he used it for personal purposes and perpetrated the scheme by paying initial investors with money obtained from subsequent investors."

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