So it’s safer here?

March 30, 2009

SEC accuses Caribbean bank of $68 mln Ponzi scheme

“The defendants disguised their Ponzi scheme as a legitimate offshore investment and made promises about exuberant returns that were just too good to be true,” said Rose Romero, head of the SEC’s regional office in Fort Worth. “This case demonstrates that investors need to be especially cautious when placing money with entities that may be outside the reach of U.S. regulators.”

Who writes this stuff for you guys??? YOU ARE KIDDING RIGHT?????

Arthur V.

Several readers pointed out the rich irony of letting an official imply that money WITHIN the reach of U.S. regulators is somehow safe. They have a point: GBU Editor

Madoff victim, Sharon Lissauer  talks to reporters as she leaves the Manhattan federal courthouse in New York, March 12, 2009. Multimillionaire swindler Bernard Madoff is leaving the luxury of his Manhattan penthouse to become just another inmate in a crowded jail. The 70-year-old former Nasdaq chairman pleaded guilty to fraud on Thursday in one of the largest Ponzi schemes in history. REUTERS/Brendan McDermid

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