Another Madoff Surfaces - Part 8

June 12. 2009

 Joseph S. Forte

This is another follow up to the series Another Madoff Surfaces, focusing on ponzi schemes, which are rife in corporate America. Another Madoff has surfaced again, this time in the form of Joseph S. Forte, who is accused of running a ponzi scheme that cheated investors out of $80,000,000. The FBI stated they currently have 500 more open cases dealing with this type of fraud.

These ponzi schemes are adding up and could potentially wipe out $1 trillion dollars from the U.S. economy. It's time for an effective anti-ponzi law or legislative act, because this is absolutely ridiculous. Greedy, unscrupulous ponzi schemers have wiped out more wealth from America than some nations gross in a year.  

FBI Director Robert Mueller

Please, tell me, how is an economy losing this much money a good thing. I warned about this rubbish in 2007 and 2008, two years before Madoff was ever unmasked, via the articles How George Bush Destroyed The U.S. Economy and Cleaning Up Corporate America.

The FBI and S.E.C., who have been coming up in the site stats as visitors for years, had ample time to stop them before the economy collapsed, wiping out even more wealth. Their policies are corrupt and their failures are inexcusable...and many people are suffering because of it.

Economic Downturn Accelerates Collapse of Ponzi Schemes

Friday, June 12, 2009 - Joseph S. Forte is accused of cheating about 80 investors of $80 million in a long-running Ponzi scheme that collapsed in the economic downturn. The great recession has decimated many industries; home builders, automakers and bankers are obvious casualties. Now, add Ponzi schemers to the list. Ravaged by the same fiscal turbulence pounding the nation's legitimate businesses, Ponzi operations have been collapsing at a record clip, exposing prolific, rampant and colossal frauds that have bilked investors of billions of dollars...

http://www.washingtonpost.com