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Texas man convicted of running an $80 million Ponzi scheme

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  • Texas man convicted of running an $80 million Ponzi scheme

    Greed is their down fall. I wonder if he only took $20M if he could have kept it under wraps.

    They never seem to have an exit strategy.


    ***


    http://www.cnn.com/2010/CRIME/11/15/...atm/index.html

    (CNN) -- A Texas man charged with running an $80 million Ponzi scheme involving investments in sham automatic cash tellers was convicted by a federal jury in New York City on Monday.
    Walter Netschi, 63, could face life in prison and a maximum of $2.5 million in fines, along with the forfeiture of all proceeds he received from the crime, according to a court statement from the U.S. attorney for the Southern District of New York.
    His co-conspirator, Vance Moore, pleaded guilty in October to 10 counts that include wire-fraud conspiracy and wire fraud, according to the statement.
    The pair convinced people across the country to invest their money in thousands of cash teller machines -- many of which they did not own, according to prosecutors.
    Netschi's attorney, Beth Farber, said she and her client are disappointed in the ruling and plan to appeal.
    Netschi is now awaiting sentencing.
    _____________
    "Corruptisima republica plurimae leges."

    "The more corrupt the state, the more numerous the laws."
    - Cornelius Tacitus

  • #2
    Originally posted by SCV-Sop View Post
    Netschi's attorney, Beth Farber, said she and her client are disappointed in the ruling
    No ****, I would not be happy if I was just convicted and was facing life.
    It could be that the purpose of your life is only to serve as a warning to others.

    Comment


    • #3
      The guy who stole $150K from my condo association took at least $3 million between all the associations he scammed. He was facing 2 years.

      He killed himself before he had to turn himself into the jail system.

      See, what happened was while he was convicted for scamming a few associations he was out on bail while this was all going through the courts, and he was scamming OTHERS (like myself). So while he was able to get only 2 years for a few scams I guess he figured once he turned himself in all the other scams would fall apart, and of course there was no deal on those scams (in fact part of his deal was to be forthcoming which he wasn't).

      So I guess he figured the courts would give him the max once everything else was found out.

      In the end, he killed himself to avoid it all.

      hahahahahahahahhahahahaaaaaaaaaaaa

      Bottom line, I had $6700 stolen from me as my share of my condo association, and he dude killed himself over it. Too bad, so sad. I wonder if this guy in Texas is thinking the same thing.
      _____________
      "Corruptisima republica plurimae leges."

      "The more corrupt the state, the more numerous the laws."
      - Cornelius Tacitus

      Comment


      • #4
        You sound bitter.
        Facts do not cease to exist because they are ignored. -- Aldous Huxley
        Two things are infinite: the universe and human stupidity. -- Albert Einstein

        Comment


        • #5
          Only 80 million? That's small time.

          Actually, I suspect that if white collar criminals were a bit less greedy, most of them would get away with it.

          There was an accountant here in the bay area that was embezzling from her employer, but she only got caught once she applied for unemployment benefits and said that her salary was 450,000 a year, rather than 60,000 a year.

          Comment


          • #6
            Originally posted by zr5667 View Post
            Only 80 million? That's small time.

            but she only got caught once she applied for unemployment benefits and said that her salary was 450,000 a year, rather than 60,000 a year.
            HA!!!!!!!! What was the point in that. I'm sure she would have maxed out her benefits at $60K, and the last thing she would want is the employer being asked to validate the $450K. HAHAHAHAHAHAHAAAAA
            _____________
            "Corruptisima republica plurimae leges."

            "The more corrupt the state, the more numerous the laws."
            - Cornelius Tacitus

            Comment


            • #7
              http://blogs.sfweekly.com/thesnitch/...ria_lourde.php

              if only Dionisio didn't claim her annual income was $449,740 when filing for unemployment insurance in May. This, as you may imagine, resulted in a few red flags.
              My bad, insurance benefits...

              Comment


              • #8

                It will be interesting to see if people in our government are brought to justice for running the biggest Ponzi scheme in the history of the world. We call it Social Security. LOL!

                The comments above reflect my personal opinion as a private citizen, ordinary motorist and all-around good guy.

                The aforementioned advice should not be construed to represent any type of professional opinion, legal counsel or other type of instruction with regard to traffic laws, judicial proceedings or official agency policy.

                ------------------------------------------------

                "Ignorance on fire is hotter than knowledge on ice."

                Comment

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