Scam of the Month: Ponzi scheme thrives on victim's greed

There are 6 comments on the Monterey County Herald story from Dec 14, 2009, titled Scam of the Month: Ponzi scheme thrives on victim's greed. In it, Monterey County Herald reports that:

The Ponzi scheme seems to be a prevalent scam. Losses are not confined to the wealthy, as in the recent and highly publicized Bernard Madoff episode.

Join the discussion below, or Read more at Monterey County Herald.

JRK

Dubuque, IA

#1 Dec 14, 2009
Is this also the type of investments Mr. Greenspan and others on wall st are still keeping? "There is no transparency", is so often heard regarding last years near collapse on wall st. That means there is no way of knowing if they are legally going about business. Our government bailed out the wrong people. Does "...that to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed,- that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness......" sound familiar to anyone? We, the people, did not consent to this ravaging of the poor and middle class'(is it 90% combined?) money, life savings, means to put food on the table and heat our homes. It has certainly contributed to hardships in my life when I cannot afford to pay the fees pile on those with so few funds to begin with.
WOW

Salinas, CA

#2 Dec 14, 2009
BINGO!
Kellie D Morgantini

Monterey, CA

#3 Dec 14, 2009
Excellent research Mr. Hoss! Thank you!

Since: Aug 09

Salinas, CA

#4 Dec 14, 2009
You have to feel empathy for anyone caught up in a Ponzi scam...up to a point. However, the old adage "there is no such thing as a free lunch" should make an individual wary about any venture that promises a large payoff without any risk involved.

The elderly are so vulnerable to this sort of scheme. Anyone who preys on them should be penalized to the full extent of the law.
Verona

AOL

#5 Jan 5, 2010
What is the current status of your local ponzi schemer? The developer who scammed a number of people out of their savings...was there a trial?
Salinas

Salinas, CA

#6 Jan 30, 2010
What I believe Mr. Hoss is talking about is the Ponzi scheme involving Basil and Roger Mills, Gabilan Mortgage, the City of Salinas and the 20 million or so loaned to the Monterra development promising city employees high returns on their deferred compensation investment through trust deeds, a common element in todays ponzi scheme. Thats for the warning Pete. Better late then never.

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