Investors Relive Bradford Bleidt Ponzi Case

By 5:17 am Jan 20, 2009

He ran a slow-motion Ponzi scheme in Massachusetts that lasted 20 years. Now Bradford Bleidt is in federal prison, doing 11 years for money-laundering and mail fraud.

The scheme fell apart earlier this decade when Bleidt couldn’t pay a $1.5 million redemption requested by a Greek Orthodox church.

His final take was estimated at $32.6 million. People said he had a magnetic personality and charmed people with his southern accent. His voice was one of his tools.

Bleidt confessed to the SEC on tape. His “day of reckoning” came when he couldn’t make the distribution, Bleidt said.

“The money’s gone,” he said. “I stole it.”

Today’s Boston Globe carries a story about Bleidt’s victims. The Bernard Madoff case has caused them to relive memories of being defrauded.

And it was affinity fraud, too: Most of the victims were members of local social clubs and civic, fraternal or benevolent organizations.

Read the Boston Globe story on Boston.com.

Read an SEC News Release on Bradford Bleidt.

Categories: Alleged Ponzi Schemes, The Economy, Uncategorized
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3 Responses to “Investors Relive Bradford Bleidt Ponzi Case”

  1. Tony H
    Jan 20, 2009 at 10:36 am |

    Previous SEC posting:
    http://www.sec.gov/divisions/enforce/claims/bleidt.htm

  2. admin
    Jan 20, 2009 at 11:09 am |

    Thanks for the link, Tony. I’ve been monitoring the SEC site to check on announcements about Arthur Nadel.

    Nothing so far, although the SEC and the FBI both are known to be involved in the Florida probe over his disappearance — and the apparent disappearance of $350 million in clients’ funds.

    Patrick

  3. Tony H
    Jan 20, 2009 at 1:36 pm |

    While you are waiting for announcements about Arthur Nadel, I suggest some research on a character named Norman Hsu. As further evidence that nothing is new in the ASD case, Uncle Andy got a medal for political donations, Norman Hsu became a “HillRaiser” for Hillary Rodham Clinton’s 2008 presidential campaign.
    http://en.wikipedia.org/wiki/Norman_Hsu
    If anyone thinks Andy Bowdoin’s or Bernie Madoff’s stories are bizzare, check Norman Hsu’s.

    On January 4, 2008, Hsu was sentenced to jail for 3 years by California Superior Court Judge Stephen Hall for the original fraud conviction, now 16 years old. Judge Hall rejected Hsu’s argument that his right to a speedy trial was denied by authorities who could have easily found and arrested him.

    Also, in light of what has also happened in the US today:

    Mark Gorenberg, who sat on President-elect Barack Obama campaign’s national finance committee, remarked, “Despite it all, I still love the guy, despite everything you read, every experience I ever had with him was nothing but delightful, and I just scratch my head.”

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