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Michael Park, another alleged Ponzi scheme you probably won’t hear about December 19, 2008

Posted by jefhenningeresq in News.
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I’m getting tired of hearing about Bernard “Bernie” Madoff over and over again without hearing about all of the other scams out there.   First of all, the financial market is filled with scammers.  Just check your spam folder for “hot stock tips”, investment schemes from the ousted king of some African country, etc.   However, if you listen to the news, you’d think that Madoff invented the Ponzi scheme.  

While the dollar amount and scope is huge, the scheme itself is both old and common.  Just this week we had Jeffrey Southard in New Jersey arrested for allegedly running a Ponzi scheme but you probably heard nothing about that.  (see below).  While the reach of that story is not as broad as the Madoff scandal, we  are still talking about millions.

Yesterday, Michael J. Park from Brentwood, Tennessee was accused of allegedly defrauding dozens of investors out of about $9 million.  Specifically, he was charged with three counts of mail fraud and one count of wire fraud.   Again, you probably won’t here much about this story as the news continues to pretend that Madoff is the only current Ponzi scheme around right now.

Click here for the story.

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