BTW thats 11% more common.
Also, Check this out *** Off Topic ** Be careful out there !!!
<<Friday January 8 1:10 AM ET
Mass. Man Charged In $7 Million Investment Scam
By Al Yoon
BOSTON (Reuters) -- A Massachusetts man who allegedly claimed he was backed by Fidelity Investments, the nation's
largest mutual fund company, was charged Thursday with bilking investors out of $7 million, federal prosecutors said.
''Within the last five years this is one of the largest Ponzi schemes we've had with at least 100 victims in all walks of life,'' U.S.
Attorney for Massachusetts Donald Stern said.
Stern said Arthur Good, head of Boston Investment Group, told potential investors nationwide that he would put their money
in low-risk, high-return investments.
But much of the money was allegedly used instead to pay off previous investors, put into highly speculative investments or
pocketed by Good and his partners, Stern said.
The charges against Good were announced by the U.S. Attorney's Office in a statement.
Stern said in a telephone interview that Good falsely claimed he was working with Fidelity and the Marriott Foundation for
People with Disabilities in Washington, D.C.
He said Good also falsely claimed to be a friend of Bill Marriott, heir to the Marriott fortune and head of the Marriott
Foundation.
The FBI and the Internal Revenue Service began their probe in August after receiving complaints from the Massachusetts
Securities Division, Assistant U.S. Attorney Stephen Huggard said.
Neither the Marriott Foundation nor Fidelity had any working arrangement with Good, and neither committed any wrongdoing,
prosecutors said.
Prosecutors said Good told investors he would invest their money along with the foundation's and promised high returns.
In an effort to satisfy one skeptical investor, Good allegedly arranged for him to visit New York and dine with a man posing as
Marriott, Stern said.
He also allegedly told victims if he raised $3.5 million in cash he could ''lease'' $100 million in bonds from Fidelity that would
be invested with the Marriott Foundation. There was no such deal, prosecutors said. >>> |
