“He stole $700 million from investors. Was caught and spent 11 years in prison for it.”
Technically, he didn’t steal the $700,000,000.
He lost it in bad trades due to his legendary Socrates system.
He was supposed to invest in safe securities but went on leveraged currency trades and drained his clients’ accounts.
He did steal $20 to $40 million in that failed ponzi scheme.
“He stole $700 million from investors.”
Reading his indictment, I am amazed at how long he kept his ponzi scheme going.
All the fake account statements, money transfers and reorganization!
He needed the eleven years in prison just to catch up on his sleep!