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.”
- 09.21.2017 — FBI, This Week: Office of Integrity and Compliance Marks 10th Anniversary
- 09.14.2017 — FBI, This Week: Bureau Provides Operational Support During Hurricanes
- 09.08.2017 — FBI, This Week: Director Christopher Wray Speaks at INSA Summit
- 09.01.2017 — FBI, This Week: Beware of Charity Fraud in Wake of Hurricane Harvey
- 08.25.2017 — FBI, This Week: Operation Wellspring Expands