An Over-Served, Highly Questionable, Ponzi Schemed Monday Morning Grab Bag
By Robert Wilonsky in News You Can Actually Use, Actually
Mon., Nov. 23 2009 @ 8:15AM
| University of Texas at Dallas |
| You know what'll make this picture more action packed? Beer. And wine. |
| Maybe these were Mrs. Lincoln's. Maybe not. |
And the Securities and Exchange Commission has taken a Collin County man to federal court in Dallas, claiming that Derek Nelson's been operating a Ponzi scheme based in Dallas that bilked investors out of some $25 million. How'd he do it? Simple enough: Nelson, says the SEC, took their money by promising to buy "real property at deeply discounted values, and that the properties would then be improved, leased, and resold at a profit." Instead, he used the dough for Ponzi payments to other investors while stashing $2.6 million in his bank account and using $1 million as a down payment on this 8,359 square foot, $2.5 million home in Fairview. What a man'll allegedly do for a wine cellar and a fitness center on three countryside acres.





Post a Comment










