From Pine View Farm

Ponzi Fonzis 0

Last week, I read an article which quoted a financial type as saying that Ponzi schemes make up a much higher percentage of private investment plans than anyone would likely suspect. Indeed, the persons quoted pretty much said that, if it’s a private scheme, it’s more likely to be a Ponzi scheme than not.

I didn’t write about it and now I can’t find it. I did find a similar story from USA Today.

A story in this morning’s Philadelphia Inquirer brought it to mind: A well-respected local investment counselor with a large clientele amongst friends and family passed away. Nobody can find any of the investments he counseled:

No one knows what happened to the money managed by Garfield, named by Philadelphia magazine last year as one of the region’s top 100 financial planners. His clients hope to recoup their losses, but it doesn’t appear there’s much left, their attorneys say.

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