Joseph Forte, yet another alleged Ponzi scheme January 20, 2009
Posted by tsclaw2209 in News.Tags: Crime, Fraud, Law, Madoff, News, Ponzi scheme
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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.
White Collar Crime News 
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