You recently heard about the sentencing of Bernard Madoff for his massive fraud, identified as a Ponzi scheme. While certainly not of the same size, an international fraud involving residents close to home was reported yesterday on the front page of the Edmonton Journal by Karen Kleiss. For a quick review of what a Ponzi scheme entails, and to read about this scam, you may wish to link to Karen’s clearly written article, ”Ponzi scheme burns investors.”
My colleague from the Association of Certified Fraud Examiners, Bob Preston, CFE, is mentioned as working on the case to aid one of the victims. He reminds us of the adage, “If it sounds too good to be true, it probably is.” A slight twist on that to think of when you are called by telephone, “If it sounds too good to be true, hang up!”
**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.
Post a Comment