Sunday, March 13, 2005

Prison Term for Investment Scam

A former insurance executive in Indiana, James Harrold, received a 78-month term of imprisonment for operating a scam in which he promised approximately 350 investors a 20% monthly return on their investment -- once again, if it sounds too good to be true . . . .  The scheme involved alleged investments in English subordinated debentures when in fact Harrold used the money for personal expenses in addition to repaying some of the earlier investors (just like that old friend Mr. Ponzi).  Harrold fled the country in 2002 and was finally caught in Belize working as a bookkeeper at a beach resort.  Club Fed will be a little bit different, no doubt. An article in the Indianapolis Star (here) discusses he sentencing. (ph)

Sentencing | Permalink

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