Tuesday, April 06, 2010
Spokane's own Madoff
Fed officials raided a Ponzi scheme based in Spokane today. The scheme, called "Team Spirit America", had been running for 10 years, offering 30 to 60 percent returns to investors. Supposedly the returns were coming from a payday-loan business.
Total loss may be in the $50 million range, which is nowhere near Bernie but still impressive. Oddly enough this scheme also had a religious connection: most of the suckers were Jehovah's Witnesses.
Another much smaller Ponzi was broken last week in Coeur d'Alene; this one was called "Dale's Investment Club". Anyone dumb enough to put their life savings into "Dale's Investment Club" deserves to lose. ¶ 6:43 PM
Total loss may be in the $50 million range, which is nowhere near Bernie but still impressive. Oddly enough this scheme also had a religious connection: most of the suckers were Jehovah's Witnesses.
Another much smaller Ponzi was broken last week in Coeur d'Alene; this one was called "Dale's Investment Club". Anyone dumb enough to put their life savings into "Dale's Investment Club" deserves to lose. ¶ 6:43 PM
