Two Calgary men have been convicted of operating a Ponzi scheme which has bilked up to 2400 international investors of between $100-400 million.
They are 61 and 71 years of age respectively and their lawyers are arguing for lenience in sentencing. The 61 year-old has serious health issues and the 71 year-old, his lawyer says, may die of old age in prison if he receives more than 10 years in prison. The two promised investors of $99,000 they would receive annual returns of 34% and that the $99,000 would turn into $1 million within eight years.
In this day in age, how does anyone fall for a Ponzi scheme?