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11-26-2020, 08:05 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Small-town Bernie Madoff
According to the story, he "mad-off" with $2.6 million of clients' money. My favorite paragraph: "According to his plea agreement, Matthes admitted he stole because he was under pressure to keep up the appearance of being a successful business owner even though he was living beyond his means."
Oh yeah, and there's this: "Matthes was the president of the Downtown Oconomowoc Business Association until he resigned in March 2019 during the investigation into complaints about his work."
https://www.jsonline.com/story/news/...ft/6425411002/
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
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11-26-2020, 08:09 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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We had one of those in our small town about 30 years ago.... a well-known lawyer who convinced people that he had the inside scoop on various investment opportunities and ended up doing a ponzi scheme. I'm not sure if he is out of jail yet or not... I suspect that he is.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-26-2020, 08:12 AM
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#3
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Recycles dryer sheets
Join Date: May 2019
Posts: 318
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I like to watch the American Greed tv show - can't believe how many ponzi schemes are run and they keep getting people to buy in.
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11-26-2020, 08:15 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
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__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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11-26-2020, 08:22 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Quote:
Originally Posted by pb4uski
We had one of those in our small town about 30 years ago.... a well-known lawyer who convinced people that he had the inside scoop on various investment opportunities and ended up doing a ponzi scheme. I'm not sure if he is out of jail yet or not... I suspect that he is.
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If he does time, I doubt that it'll be much. He needs to repay the people he cheated, and making license plates doesn't pay much. Used-car salesman, maybe?
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
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11-26-2020, 08:25 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,836
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Yep, I've run across (or knew of) a few of these guys in my lifetime... They aren't rare. That's pretty much why I don't trust any FA's, consultants, etc and manage my own.
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20's "something" mind, trapped in a 70's "something" body
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11-26-2020, 08:27 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Quote:
According to the story, he got his son out from under.
I wish the story would have some input from the victims. They're described in documents as "elderly," but they apparently were sharp enough to catch on that they were getting scammed.
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
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11-26-2020, 08:53 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,701
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Quote:
Originally Posted by Mr._Graybeard
If he does time, I doubt that it'll be much. He needs to repay the people he cheated, and making license plates doesn't pay much. Used-car salesman, maybe?
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And a 13 year debarment. Why not lifetime?
Up to 20 years. I'd bet it will be less than 5.
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Retired Class of 2018
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11-26-2020, 08:54 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Posts: 1,120
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A local insurance agent in a small town nearby was just charged with taking over $500k from his clients He used it to fund his lifestyle.
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11-26-2020, 09:06 AM
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#10
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Full time employment: Posting here.
Join Date: Jun 2018
Posts: 928
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Financial advisor type guy killed his "best friend" and tried to make it look like a suicide in order to get MORE of his money. He specialized in defrauding older people. SPecial place in hell... https://www.ksat.com/news/texas/2020...de-police-say/
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11-26-2020, 09:47 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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How does a company like Mutual of Omaha not have systems in place to prevent an Independent broker using their shield from perpetrating a scam like this?
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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11-26-2020, 09:54 AM
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#12
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,468
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Quote:
Originally Posted by Mr._Graybeard
I wish the story would have some input from the victims. They're described in documents as "elderly," but they apparently were sharp enough to catch on that they were getting scammed.
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Good point. Now that I am getting a bit older (72 presently), I have noticed that often people assume those over 70 are blithering idiots and totally incapable of doing things like keeping track of their spending or detecting a scammer.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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11-26-2020, 10:10 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
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Quote:
Originally Posted by W2R
Good point. Now that I am getting a bit older (72 presently), I have noticed that often people assume those over 70 are blithering idiots and totally incapable of doing things like keeping track of their spending or detecting a scammer.
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That's right! I've been a blithering idiot all my life, and at 78 I'm not about to change now!
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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11-26-2020, 10:38 AM
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#14
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gone traveling
Join Date: Jun 2008
Posts: 424
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I'd submit theres more than one small-town-mad-off in every small town none of us ever hear of, hearing of so many nation wide.
My understanding of most data points is there are 2 additional data points for every confirmed one you hear about.
Thats quite a few scammers, take care and overlook no one. Not even ones spouse in some circumstance.
The spouse on spouse cases of financial mis-managment are the worst. imo.
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11-26-2020, 11:07 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Quote:
Originally Posted by MrsHaloFIRE
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Wow, the guy has a lot of irons in the fire. Another news source describes him as a microbrewery owner. He was also a nurse at a hospital, where he apparently obtained the anesthetic he used to drug his victim before killing him. In addition to his financial advisor work of course.
Have any Texans on the forum sampled his brews from the Nine Band Brewing Co.?
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
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11-26-2020, 11:11 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,134
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We had a guy like that at our church. Big Talk, good friends in all the HIGH places, big house, two fancy cars, volunteered for all sorts of church activities, etc. etc. etc. He hooked a number of people on a great business opportunity refinishing bathrooms in only a day or two using new techniques, IIRC. Three years later he disappeared, with a number of church members wondering where their money had gone to.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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11-26-2020, 01:29 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by Mr._Graybeard
If he does time, I doubt that it'll be much. He needs to repay the people he cheated, and making license plates doesn't pay much. Used-car salesman, maybe?
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He bilked about 90 people in a town of about 12,000 out of close to $8 million over 5 years but one of the investors lawyers thinks it was more like $15 million He was found guilty and sentenced to 188 months in federal prison. Look like he did 10 years in prison and the rest supervised release.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-26-2020, 01:35 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,098
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Quote:
Originally Posted by JRon
I like to watch the American Greed tv show - can't believe how many ponzi schemes are run and they keep getting people to buy in.
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Me too. I hope the lessons learned stick as I grow older and feebler.
One aspect is not being satisfied with average or even slightly below average market returns. The times I have been solicited by financial advisors, they all pushed "you need better than average returns" and how the could help reach that.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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11-26-2020, 04:59 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
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Quote:
Originally Posted by Mr._Graybeard
If he does time, I doubt that it'll be much. He needs to repay the people he cheated, and making license plates doesn't pay much. Used-car salesman, maybe?
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When these ponzi scheme folks are caught, largely any returned money comes from what they didn't spend/waste. Perhaps some from investors that thought they were getting a good rate, but got out early.
Having him work (who wants to hire a criminal like him) will be at minimum wage, so maybe he could repay $100 / month towards the Millions of dollars owed
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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11-26-2020, 05:01 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
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Quote:
Originally Posted by Sunset
Having him work (who wants to hire a criminal like him) will be at minimum wage, so maybe he could repay $100 / month towards the Millions of dollars owed
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I guess involuntary organ donation is off the table?
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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