Ponzi Prison Payback: Banking Con Man Heads to Jail
Make up to 50% on your investment money in a legal off-shore Caribbean bank! Our deposits are insured!
They advertised. People bought in, some investing their retirement funds or life savings. Meanwhile, Canadian Laurent Barnabe and his Portland, Oregon co-conspirators enjoyed the good life of millionaires, yacht and all.
Then one day, the law came knocking. Barnabe, already a known con man in Canada, went on the lam. Then he was audacious enough to head for Las Vegas, where he discovered: what happens in Vegas, isn't only about Vegas.
After the pyramid, or Ponzi, scheme cracked wide open, investors were left holding empty bags. Now the con artists have been ordered to make restitution.
But how do you collect restitution money from a con man and his gang, who have hidden accounts? The moral: when someone shows up honking their own horn for this incredible investment opportunity, don't dance to their music.
A Canadian whose share of the loot included millions of dollars and part ownership of a yacht is one four people facing prison time in a $170 million US scam involving high-yield deposits in a bogus Caribbean bank.
The four were sentenced to terms ranging from 18 months to more than eight years Monday in U.S. District Court in Portland, Ore., where some of the thousands of victims live.