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New York authorities are working through Bernie Madoff's $50 billion Ponzi scheme. Today (Jan. 12), a San Diego federal judge sentenced two men to extended prison terms for a mere $50 million Ponzi that had various names such as "Learn Waterhouse" and "Wealth Builders Club." But here's where the scheme prosecuted in San Diego tops New York's: the returns guaranteed to investors ranged from 2 percent per month to 50 percent a month or more. In fact, the Ponzi schemers told investors that they could make a 500 percent profit in 40 banking days. Madoff, by contrast, was only telling investors they would get 12 percent to 18 percent yearly returns. Take that, New York.
New York authorities are working through Bernie Madoff's $50 billion Ponzi scheme. Today (Jan. 12), a San Diego federal judge sentenced two men to extended prison terms for a mere $50 million Ponzi that had various names such as "Learn Waterhouse" and "Wealth Builders Club." But here's where the scheme prosecuted in San Diego tops New York's: the returns guaranteed to investors ranged from 2 percent per month to 50 percent a month or more. In fact, the Ponzi schemers told investors that they could make a 500 percent profit in 40 banking days. Madoff, by contrast, was only telling investors they would get 12 percent to 18 percent yearly returns. Take that, New York.