Tuesday, October 20, 2009

'Ponzi' princess scheme mirrors Madoff

P.T. Barnum is credited with saying, “There’s a sucker born every minute,” and I think he was on to something.

Lately it seems that a lot of people with money to invest are loosing their shirts to scam artists like Madoff, or this Schneider character.

Probe eyes $30M janitor-supplies 'scam'

The owner of a Long Island janitorial-supply company -- under investigation for cleaning out scores of investors -- is known as a "Ponzi princess" for pulling off a scheme that destroyed families while she lived the good life, sources said.

The US Bankruptcy Court trustee in the case, lawyer Kenneth Barnard, estimates the alleged fraud by businesswoman Laurie Schneider has hit as many as 50 victims and losses may rise to $30 million.

"Madoff is the king. She is like a little Ponzi princess," said one distraught victim, who says he lost $200,000. "And no one has done anything about it." Read the rest at The New York Post

 

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