Marci: The same goes for those who quote the Bible and are therefor considered above reproach. So it stands to reason that an experienced, elderly, “Christian” man like Andy Bowdoin (NOT!), would be a successful scammer.

Actually, fore those affected by affinity scams it’s even worse.

Now, not only are Bowdens’ victims faced with the reality of being defrauded, they are also left in the position of questioning their faith. (or how it has been applied)

How does one reconcile having said “if God be with us, who can be against us” for month after month ??? Was God not “with them” after all ???

All those prayers – were they in vain or ignored or merely wasted ???

Once again it must be pointed out, the ramifications and fallout of these “things” are a great deal more serious and long lasting than “just” losing a few dollars.

Excellent article – again. People have to seem trustworthy in order to be successful scammers, and in the past we have been conditioned to trust the elderly. People who only read headlines might think Madoff was an aberration, but people who read your columns know the myriad scams pulled off by elderly men. The same goes for those who quote the Bible and are therefor considered above reproach. So it stands to reason that an experienced, elderly, “Christian” man like Andy Bowdoin (NOT!), would be a successful scammer.

Joseph L Thornburgh, 61, of Oklahoma, and Steven Fishman, 59, of California, tricked the victims into believing 19th Century US railroad bonds and 100-year-old Republic of China bonds they obtained were worth “hundreds of millions of dollars”.

Chief judge Claire Eagan sentenced Thornburgh to 24 years and four months jail and Fishman to 21 years and 10 months during this week’s court appearance.

Judge Eagan ordered Thornburgh and Fishman to contribute towards $3.97 million in restitution.

They were charged with money-laundering, mail fraud and wire fraud conspiracy.

Read the complete story here: http://www.news.com.au/perthnow/story/0,21598,26253911-5005361,00.html

For those who have realised that they were suckered into an obvious ponzi scam, this story may be of interest:
http://www.bizop.ca/blog2/due-diligence/be-your-own-boss.html
The words of Jim Vitale could be the same for any and all ponzi operators and/or MLM promoters.

The two most important buttons are greed and need.

I am aware of the alleged $400 million Ponzi in Canada. There have been reports that the SEC and IRS also have an interest in the case.

And there have been reports that at least part of the scheme perhaps can be traced back to a Nigerian scheme that fleeced one of the Canadian suspects.

Haven’t had time to write about it yet.

I’m also aware of a sort of Ponzi-in-progress in Wisconsin that allegedly involves a church getting scammed and assertions by the purported scammer, age 66, that he was owed a huge sum by the Nigerian government.

http://host.madison.com/wsj/news/local/article_fa301f22-b788-11de-962c-001cc4c03286.html

So, it never stops.

Thanks for the note, Tony.

Patrick

The people who lured investors into what police say is the largest Ponzi scheme in Canadian history should also face criminal charges, a victim of the alleged fraud says.

“I think they should be indicted also because I think they knew ahead of time what was happening,” investor Doreen Brown told reporters yesterday after lawyers for the Alberta architects of the alleged scam appeared briefly in court.

Neither Milowe Brost nor Gary Sorenson, who have been charged with fraud and theft in the case, attended the Provincial Court proceedings in Calgary in connection with a scheme that police say cost 4,000 investors up to $400-million. The men are to be back in court Dec. 14 to enter pleas.

Ms. Brown said a friend persuaded her returns could hit 30 per cent, but she hasn’t seen a dime back. “Some of these people should be brought forward too because they are the ones that brought us in with all these promises of making all this money,” she said.

As it stands, the case will be lengthy and complex. As part of the conditions of their bail, both accused men have been banned from contacting each other as well as dozens of potential witnesses, including those who acted as so-called structurists or middlemen.

Steven Skurka, who represents Mr. Brost in the case, said in an interview that his client is “anxious to have these matters aired in a courtroom.”

The two men were arrested in September.

Police allege the scheme used education seminars to coax investors into funnelling their money through a complicated web of companies into offshore mining investments. The seminars, which operated across western Canada and the United States, promised returns of up to 40 per cent, but it was an arrangement designed to benefit its founders, police say.

The story here is a familiar one. The numbers are different, but the plot is the same as every ponzi scam.