Ponzi scheme mastermind to be sentenced in $311 million scam

AP on North County Times ^ | 5/26/06 | Gillian Flaccus - ap

[July 4th]

and a note reminding him to disguise himself by wearing a hat and glasses, growing a goatee and losing 25 pounds, according to court documents.

Doh! Probably forgot to read the note to himself.

[Blood of Tyrants]

I thought that somebody finally realized that Socialistic Insecurity was nothing but a Ponzi scheme.

[DumpsterDiver]

But prosecutors alleged that instead Lewis was using money from new investors to pay off the original ones -- something known as a Ponzi scheme the Social Security/Medicare scam.

[NormsRevenge]

http://www.usdoj.gov/usao/cac/pr2004/014.html

February 4, 2004

OPERATOR OF LONG-RUNNING PONZI SCHEME IN ORANGE COUNTY

INDICTED ON FEDERAL FRAUD, MONEY LAUNDERING CHARGES

James P. Lewis Jr., who ran Financial Advisory Consultants, claimed to have nearly $814 million under management - but had only $2 million in bank

[woofie]

$15 million on women ? I didnt think they cost that much

[Hardastarboard]

I thought it was about Social Security, too, until I read the amount involved. It's trifling compared to what FDR's brainchild has stolen from us all.

[Calpernia]

>>>>>Financial Advisory Consultants<<<<

Remember when we were looking into the viatical fraud connection with the Terri Schiavo news?

This group, Financial Advisory Consultants, came up connected with viatical fraud schemes in Florida.

Link that explains viatical fraud:

http://www.freerepublic.com/focus/f-chat/1550144/posts?page=5#5
Chasing the death dividend

[vetvetdoug]

This guy pales in comparison to Martin Frankel, Jr. Frankel embezzled $3Billion from the insurance companies. Most that helped him launder the money in the US got away with a slap on the wrist. A few were sentenced to about 5 years in prison except for Martin, he got 40 years.

[MichiganConservative]

$311-million fraud scheme over nearly two decades

That's nothing. The federal government's been running their fraud scheme since he '30's and they've ripped off the taxpayers for trillions.

[NavVet]

And yet congress gets away with the same sort of scheme with regard to social security.

[Conservative Goddess]

Ping.

[9999lakes]

1st thing I thought of when I saw the story?

$311 million -- that's nothing.

The CEO of EXXON gets that and $80 million more than that as a parting gift.

[randog]

Me, too--I thought they might have tried FDR posthumously.

[Cementjungle]

$15 million on women ? I didnt think they cost that much

That was over two months, not just one, so it works out about right.

[Lawgvr1955]

This guy pales compared to the mastermind of the largest Ponzi scheme of all times....FDR. Social Security is a multi-trillion dollar Ponzi scheme that will never end.

[NormsRevenge]

Heck, I have heard estimates that the gReat Society alone cost us at least 6 trillion and that is likely a conservative estimate, add onto that all the other social programs, you're talking some major dinero.

[conservative physics]

you mean the man that invented social security if finally being brought to justice?

[Tired of Taxes]

Lewis was using money from new investors to pay off the original ones -- something known as a Ponzi scheme

It's always ironic when some people are prosecuted for doing something, while other people are voted into office for doing the exact same thing.

[Lester Moore]

The CEO of EXXON gets that and $80 million more than that as a parting gift.

Yeah, but I'm wishing now I'd bought some XOM a couple of years ago.