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Folks, your Ponzi scheme will always surface

Paul Moore IV conned investors out of $2.8 million, spent most of it

Paul Moore IV pleaded guilty in federal court today (July 16) to running a Ponzi scheme and spending most of the money he took in.

Moore was a complete fraud, according to his admission. He told investors he had earned a degree in economics, had worked as a senior analyst for a national securities firm, had registered himself and his firm with securities regulators, and was raking in massive profits for his clients. The truth was that he had dropped out of college without ever getting any course credits, had never worked for a large firm, had not registered himself or his fund with regulators, and when he did trade a portion of the funds, he lost money.

He took in $2.8 million from investors and spent $1.7 million on travel, shopping sprees, meals, entertainment, and chattels of the good life. He used the rest of the money to pay off investors who wanted their money back — thus, he was running a Ponzi scheme.

Like many others of his ilk, Moore created phony statements to get his investors to believe they were making big bucks through his shrewd investing techniques. He will be sentenced by U.S. district judge Cynthia Bashant October 5 at 9 a.m.

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Paul Moore IV pleaded guilty in federal court today (July 16) to running a Ponzi scheme and spending most of the money he took in.

Moore was a complete fraud, according to his admission. He told investors he had earned a degree in economics, had worked as a senior analyst for a national securities firm, had registered himself and his firm with securities regulators, and was raking in massive profits for his clients. The truth was that he had dropped out of college without ever getting any course credits, had never worked for a large firm, had not registered himself or his fund with regulators, and when he did trade a portion of the funds, he lost money.

He took in $2.8 million from investors and spent $1.7 million on travel, shopping sprees, meals, entertainment, and chattels of the good life. He used the rest of the money to pay off investors who wanted their money back — thus, he was running a Ponzi scheme.

Like many others of his ilk, Moore created phony statements to get his investors to believe they were making big bucks through his shrewd investing techniques. He will be sentenced by U.S. district judge Cynthia Bashant October 5 at 9 a.m.

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Comments
9

I can't wait until the conservatives put all pensions and social security in the hands of the people (it is our responsibility to provide for our own retirement, medical care, etc.). I can't wait until Wall Street and their minions start selling us on the premise that they can manage our funds. LOL

July 17, 2015

Huh?

July 17, 2015

Tom Applegate: AlexClarke is being sarcastic. Best, Don Bauder

July 17, 2015

We just can't let it happen, Alex, and it's not a laughing matter.

My worry is that working people and those living on pensions and social security may be threatened by their moderate Democratic "protectors" as well as by rabid conservatives. Remember Bill Clinton who de-regulated banking (a direct cause of the 2007 Great Recession) and who enacted NAFTA (which has permanently disappeared solid American jobs.)

"Business-model" ideation, notions of "disruption" and a "sharing economy" have infected every aspect of our society and are branded as hip and positive, when in fact they carry far-reaching negative consequences for every American who is not part of the wealthiest 1%.

July 17, 2015

Monaghan: Agreed. We can't let it happen. You are right: Democrats are in Wall Street's pockets, too -- it's not just Republicans. Best, Don Bauder

July 17, 2015

Monaghan: I could not agree more. I have watched all of these "free trade" agreements destroy good middle class jobs. They have been all one way deals with a few wealthy people becoming more wealthy on the export side. 70% of our children will not go to college and many of the 30% who can will not be able to afford it. For the past 40 years it has been a race to the bottom. How little can you pay and how few benefits can you provide. Many believe that only they are worth good pay and benefits and the rest are not. They do not value hard work and only value people by how much they make no matter how they make it.

July 18, 2015

AlexClarke: George W. Bush wanted to privatize Social Secuerity and flopped. Would anybody try again? Hope not. Best, Don Bauder

July 17, 2015

I suspect that most all of the 15 or so Republican candidates would lean that direction.

July 18, 2015

AlexClarke: You may be right, but Bush was slapped down quite hard on his attempt to privatize Social Security. Yes, these Republicans are ideologues, but some of them may have political instincts. Best, Don Bauder

July 19, 2015

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