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Platinum Partners Ponzi scheme – Move over Madoff

Just what was it that Bernie Madoff taught the financial world? Apparently, very little in an ethical sense. The executives of Platinum Partners could soon be heading off to jail in their creation of a yet another type of Ponzi scheme. Until Wall Street begins to take ethical training seriously, these types of scams will be happening again and again.

Five executives of the hedge fund were just charged for committing securities fraud to the tune of $1 billion. Among the bogus companies they managed was Black Elk Energy, where the partners “only” defrauded about $50 million.

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Posted by Chuck Gallagher in ponzi scheme and tagged , , , , ,