The Wealth Management.com Staff reported on November 16, 2017, that a dozen or more Ponzi schemes still take place each month.
The report reveals that investors continue to be willing to trust their life savings with fraudsters, even years after Bernie Madoff stole nearly $65 billion from some of the richest people in the United States. According to Kathy Phelps, author of The Ponzi Scheme blog and the book Ponzi-Proof Your Investments, there are a dozen or more people or groups charged with Ponzi schemes every month. “You would think the investing public would become savvy, but it doesn’t appear to be happening,” said David Wall, the CPA at the CliftonLarsonAllen accountancy firm in Los Angeles who represented the District Attorney’s office in the Ryan Rude Ponzi scheme. “People continue to be very trusting and not do the level of due diligence,” Phelps told MarketWatch. “If you don’t understand it after a five-minute conversation, don’t invest in it.”
