There’s a book-keeper in San Francisco that’s facing a life in prison for fraud, after he pleaded guilty to charges of defrauding investors in excess of $20million
How would you know that your bookkeeper is doing the right thing?
The book keeper had been running a ponzi scheme – not quite the same scale as Madoff, but for longer.
Apparently the bookeeper had been promising clients that the money they invested with him would earn huge returns through a series of commercial loans.
He’s been doing this for the last thirty years! To run a scheme like that you’d imagine he’d have to be pretty good at bookkeeping and keep all his bookwork upto date
Simply, he persuaded new investors to get on board, and used those funds to pay out existing investors, or for his own personal use
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