SHOCKING: A Ponzi Scheme Suicide In Canada; A Ponzi Scheme Death Sentence Reported In China

EDITOR’S NOTE: Here is some recommended reading. Be prepared to be shocked. We will provide an introduction to the stories, but only a brief one.

ponziblotterEdna Coulic killed herself, worn down by the pressures of trying to get her money back from a Ponzi scheme, her family told the Calgary Herald.

The Royal Canadian Mounted Police and other authorities in America’s neighbor to the north are investigating the Ponzi case against Milowe Brost and Gary Sorenson.

We recommend that you read the comprehensive report in the Calgary Herald and view the videos the newspaper has posted.

Gold and silver production have played a prominent role in the case. Investors were shown bars being manufactured, but authorities said the scheme collapsed and investors were not paid.

Some U.S-based Ponzi schemes, including autosurf Ponzi schemes, have members linked to movements involving the purported production of gold and silver or the desire to trade in gold in silver, as opposed to paper currency.

Meanwhile, Shanghai Daily is reporting that a citizen of China has been sentenced to death for perpetrating a Ponzi scheme. The story, which appears to be based on on a report that originated with a government-run news service, could not immediately be confirmed independently.

But the story suggests that China is prepared to put Ponzi promoters to death for grand-scale fleecings of the population. Fraud laws and punishments vary from country to country.

In July 2008, a U.S.-based autosurf known as Golden Panda Ad Builder launched. It was described as the so-called “Chinese” option for members of AdSurfDaily. Federal prosecutors in the United States seized the assets of both Golden Panda and ASD in August 2008.

ASD also had a “Spanish” option known as LaFuenteDinero, “the fountain of money.”

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8 Responses to “SHOCKING: A Ponzi Scheme Suicide In Canada; A Ponzi Scheme Death Sentence Reported In China”

  1. The death penalty in China is meted out for various fraud schemes including corruption by officials.

    Several of those who “enhanced” the quality of milk that sickened thousands of babies and killed scores were given the death penalty a few years ago.

  2. Maybe this will be a wake up call for some of the ponzi promoters

    a) for those with some conscience to understand the serious consequences of their involvement when they recruit their downlines.

    b) for the rest to get into their heads that not all countries outside the US turn a blind eye to ponzi schemes and their promoters

    There is no longer any excuse for anyone to “innocently” promote any autosurf or other ponzi fraud. Since Bernie Maddoff “fesssed up” to running a ponzi, enough has been written about them to fill several libraries and the information is all over the internet for all to find easily. The US government has announced its intention to take stronger measures against this kind of crime. Owners and promoters are being jailed weekly, if not daily and China is using the death sentence. What more do they need to figure out that they are participating in a crime?

  3. alasycia: What more do they need to figure out that they are participating in a crime?

    Hi Alasycia,

    To answer your question, you’ll have to repeal human nature to get people to stop.

    Other than that, have a Happy Christmas.


  4. Quick note: Haven’t had time to do the story yet, but Richard Taft
    Johnson of Orchard Lake, Mich., has just been convicted in a Ponzi scheme.

    Here is what U.S. Attorney Terrence Berg said in part:

    “This was an insidious Ponzi scheme because investors were told it was a safe, secure investment that would ultimately help charities. Like most Ponzi schemes, it went undetected for a number of years, allowing some investors to reap a profit on their investments, and encouraging others to invest. It can be very disturbing for a victim to discover that he has innocently caused friends or relatives financial ruin. In the end, a number of the investors, some quite elderly, lost everything because their monies were used to keep the scheme going until the inevitable collapse.”

    The Johnson scheme was known as the “American Charitable Program.”


  5. hmm, any chance we can get Busby and Bowdoin extradited to China? Maybe make a deal to disqualify Judge Collyer and put him on a slow boat to Shanghi?

  6. It seems the prosecution in the Brost/Sorenson case has revised the amounts lost to the fraudsters up from an original estimate of $400 million to now being between $1.2 and $5 BILLION.

    Losses of those amounts would make a hole in ANY countries accounts.

  7. […] a brief story from December 2009 that references allegations against Brost and Sorenson in […]