Ponzi Scheme = $63 Million - II
May 14, 2010
The case is the Best Diamond case. The FBI’s Los Angeles Office, along with the Postal Inspection Service, investigated.
Mr. Schiff: The case is the Best Diamond case. The FBI’s Los Angeles Office, along with the Postal Inspection Service, investigated.
Mr. Goldman: "The Best Diamond investigation was an investment fraud. People were being told they were investing into real estate or distressed properties or foreclosure real estate.”
Mr. Schiff: FBI Special Agent Steve Goldman who says victim investors heard lies.
Mr. Goldman: "The profits would be made when those transactions were completed and property was flipped. But it was targeting, pretty much, the Latino community as investors.”
Mr. Schiff: Goldman says this was a true Ponzi scheme that ran up the money figure to more than $60 million.
Mr. Goldman: "The Ponzi scheme is basically where you use some of the money you are taking in from new investors to pay off your old investors.”
Mr. Schiff: Goldman says you should be very careful when investing.
Mr. Goldman: "If somebody is promising you 10 percent, and they’re telling you it’s guaranteed and it’s risk free, in my experience, that just doesn’t happen.”
Mr. Schiff: The main suspect in this scheme was convicted of bilking thousands of victims; he was sentenced to 25 years in prison. I’m Neal Schiff of the Bureau, and that’s the FBI’s Closed Case of the Week.”
- 09.21.2018 — FBI, This Week: Education Technologies Could Pose Risks to Students
- 09.11.2018 — Inside the FBI: First Responders and 9/11-Related Illnesses, Part 1
- 09.11.2018 — FBI, This Week: Director Delivers Life-Saving Message to 9/11 First Responders
- 09.06.2018 — FBI, This Week: Hoax Threats Have Consequences
- 08.31.2018 — FBI, This Week: Protected Voices Initiative Launched