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Joseph Forte, yet another alleged Ponzi scheme January 20, 2009

Posted by whitecollarcrimenews in News.
Tags: , , , , ,

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.

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