“This is fraud on a massive scale,” said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. “This defendant took advantage of people’s trust in him and squandered the life savings of hundreds upon hundreds of families.”
Reading about these Ponzi schemes just breaks my heart. It’s so sad to think about all the people who thought they were doing the right thing by investing, but instead have been financially victimized by a perpetrator’s greed. Protect yourself by learning more about avoiding common fraud schemes at the FBI‘s dedicated page.
Remember, the case against the accused has yet to be proven, so he should be considered innocent until proven guilty in the court of law.