Ponzi Scheme Leads to Theft of $1 Million

Ponzi schemes have been going on for decades but people still fall for them. Such is the case in Oregon where police have arrested a man for stealing almost $1 million from unwitting victims.

After conducting a lengthy investigation, police have arrested a 60-year-old man for running a fraudulent business. He lured nine people into giving almost $1 million towards his seemingly simple house-flipping scheme. The suspect told his victims, all of whom lived in southern Oregon, that he needed an upfront payment for his latest plan. He would purchase houses cheaply, renovate them quickly and then turn them for a profit. The investors would get back their deposit along with a 15% return.

The investors started to question his actions and alerted police. It took 11 months for police to gather enough evidence to obtain an arrest warrant. He was arrested on charges of multiple white collar crimes including securities fraud and racketeering.

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