The Ponzi scheme is so named for its fraudulent founder Charles Ponzi. That was in the 1920’s, and the perpetrator was eventually stopped and brought to justice. Here we are in the 21st century and the fraud still lures unsuspecting victims. Only recently, convicted schemer Scott Farah was denied an early release from a 15 year prison term when a couple from Kittery Maine protested it. They lost $850 thousand dollars when they invested their life savings in the Meredith based Financial Resources Mortgagee Inc. It is the largest of such frauds in the history of the state. Roger Wood, in his latest podcast, talks with Attorney Kathy Bazoian Phelps, an expert on the issue.
She discusses the importance of researching investment opportunities before parting with their dollars.