Ponzi



Book O fMormonReports the AP via Google News:

US financial regulators charged a father and son in Utah state with operating a $220 million property investment Ponzi scheme which targeted fellow members of the Mormon church.

The Securities and Exchange Commission charged Wendell Jacobson and his son Allen Jacobson, of Fountain Green in central Utah, with selling shares in their purported real estate business and using the funds from some investors to pay returns promised to others.

It said that since 2008 the two had solicited investments into their business of ostensibly buying, rehabilitating and then renting out properties.

They appeared to use the memberships in the Utah-based Church of Jesus Christ of Latter-Day Saints — the Mormon church — “to make connections and win over the trust of prospective investors,” the SEC said.

Securities in their businesses were sold to investors without registering with the SEC as required by law.






Sound a little fishy?

pool

from AP:

PALM BEACH, Fla. — Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said. He was 67.

Picower’s wife, Barbara, discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m.

Palm Beach police are investigating the death as a drowning, but have not ruled out anything on the cause of death.