Joseph Forte, yet another alleged Ponzi scheme January 20, 2009Posted by whitecollarcrimenews in News.
Tags: Crime, Fraud, Law, Madoff, News, Ponzi scheme
Another day, another Ponzi scheme. Is this getting boring yet? I would really like to see some of these cases get litigated but it’ll probably never happened.
Anyway, this latest allegation involves Joseph Forte, a Philadelphia based fund manager. He is alleged to have stolen $50 million from 80 investors over 10 years. He has two big problems that others like Madoff and Art Nadel don’t have. One is his age. At only 53, a lengthy prison sentence will actually mean something to him. With an older defendant, it is hard to scare them with a long prison sentence since they will likely die in prison if it is 5 years or 20.
His other problem is that he admitted to the scam. I can understand that average person not understanding how the police work, but how does this guy admit guilt here? He must have a team of attorneys working for him. How did they ok that? I’d really like to know more as that makes no sense at all.
Story is here.