Turbodan

this is a crazy world we live in. Some people's greed is hard to believe:

http://m.thestar.com/news/gta/articl...f-ponzi-scheme

all the more reason to buy bars of gold and silver...the only real thing that you can trust nowadays!

JimV8

****e. No wonder he had an aneuyrism.

edit.

The story brought this to mind.

'Oh what a tangled web we weave,
When first we practise to deceive! '

jumper5836

That's terrible. Somehow I don't think that is the full story not coming from that reporter. He could make a guy on welfare look like he's living a life of luxury.

Christien

I wouldn't trust anyone who said they could double $50k in a year for me. Returns like that just don't exist. At least not legally.

Ronan

Naturally the story has to include the Porsche. The next Star story will be:

"Luxury-loving Porsche owner gets parking ticket"..

Still, sorry for the guy's family on the main story.

911 Rod

Very sad.
This will send shock waves through the UCR community.

Turbodan

the story says he was guaranteeing 7% returns not doubling your money in a year. for the receivers to be gong after all his assets to pay off the investors( who lost their life savings) and for the star to put it on front page, there has to be a very clear paper trail and the investments he was supposed to buy don't exist. , I am very sorry for the family not at all sorry for him...I was at the memorial service for him as I knew him through the club.

Imo000

Or start stocking up on old catalytic converters.

R6XTERRA

10 years....

Christien

Oops, misread it.

R6XTERRA

^^^all good.... he's still a douche....

Turbodan

beyond a douche to steal life savings from people he knew and leave his family to deal with it and the clients. he said to his mom that the insurance money (2 million) should cover the clients money (5 million) so he knew what he was leaving. really disgusts me.

Richard930

Just think how many more similar stories there are out there that haven't been discovered or reported on. There's lots of stories of 'trusted' advisors using powers of attorney to write themselves cheques on clients accounts. What a shame

ronnie993tt

I find it amazing that with all the regulators these guys are able to get away with this for very long. Just look for the guys delivering above average returns on an ongoing basis.....and by the way, if someone promises you 7% a year in this day 'n age, run don't walk the other way!

jasonintoronto

Wow!