Alleged Margate Ponzi Schemer Wanted for Extradition

A Margate man accused of conducting a Ponzi scheme that allegedly bilked investors out of millions may soon be extradited from Thailand to Broward County, The Sun-Sentinel reports.

Allegations of Ponzi Schemes in Miami have been blown out of proportion by the media. Too often, when an investment sours — as many have done in the wake of the economic downturn — criminal allegations are made. An experienced Miami Criminal Defense Attorney should be consulted if you are facing criminal charges involving fraud or other financial crimes.

The 58-year-old man has a federal arrest warrant out for his arrest for unlawful flight to avoid being prosecuted, the newspaper reports. According to the newspaper’s account, the man is accused of bilking investors out of $5 million after he allegedly promised returns on an investment of between 16 and 30 percent. Many investors were members from Oriole Golf Club.

The man told the newspaper he was surprised to learn he was an international fugitive, telling reporters he was scammed out of money himself in Thailand and he’s stayed there in order to develop land. According to court documents, court documents, the man faces at least one count of first-degree grand theft, a charge that could put him in prison for up to 30 years.

Ponzi schemes are typically designed in a way where investors are needed on top of over investors to make money to keep the scheme going. Every new investor provides money to pay old investors and fund the perpetrators. The scheme must stay at a faster pace than the financial market and a crash is inevitable during a market downturn.

But many of these investment opportunities are simply plans that go bad because of the poor economy. The Great Recession has caused many investors to lose money and some have lost their entire retirement funds.

And while people may have lost money on investments in the past, they would take the loss and move on with life. But it seems that today, people are more likely to point the finger and seek a criminal prosecution, along with a likely series of civil lawsuits.

With Ponzi schemes in the news more and more, the news media is hard on the case of the next “investment scheme.” An investment is always a gamble and while investment leaders can say they expect a certain return on the money that goes in, a promised rate is never official.

An experienced Miami White Collar Defense Attorney will review a business’ records, look at contracts with investors and be able to properly defend a client. When the federal government is involved, significant resources and pressure can be put on a defendant.

Therefore, an experienced lawyer should be hired to uphold a client’s rights and make sure all aspects of the case are reviewed and evidence is disputed. Consulting as soon as possible with a lawyer is key in order to allow the attorney to review the records on pace with investigators.