Ponzi schemes can generate billions of dollars. In fact, in 2008, Bernard L. Madoff of Investment Securities LLC committed arguably the largest Ponzi scheme in history. His scheme had all the typical Ponzi ingredients with a great deal of creditability due to the fact he had been in the investment banking business since 1960. Due to Madoff’s scheme, investors are estimated to have lost anywhere from $34 and $50 billion U.S. dollars. His scheme did collapse though, as they always do.
With the economy in turmoil, more and more Ponzi schemes are being established. By having a greater knowledge of their inner workings, there will be less of a chance to fall into their traps. Keep your eyes open so you don’t stumble into a Ponzi pitfall.
Gary Opper, CPA is the Managing Member of Levie-Opper, LLC, Weston, Florida. He is a member of the American Institute of CPAs and the Florida Institute of CPAs. He has written over 500 published articles in over 20 magazines. Mr. Opper has been the National Association of Mortgage Broker’s “Writer of the Year” and “Featured Writer of the Year.” He has spoken to many groups including the Florida Bar Association, the Florida Institute of CPAs, the Mortgage Bankers Association and Northern Trust Bank. He has lectured at four colleges including University of Florida and Florida International University. Opper has an Accounting degree from UF and a Master of Science in Taxation from FIU. Opper is Past President of the Florida Association of Mortgage Professionals - Miami Chapter and the FICPA - Gold Coast Chapter. Levie-Opper, LLC focuses on forensic accounting and fraud auditing. They handle state and federal cases including civil, commercial and criminal. Mr. Opper is available to speak to your group. He may be reached at (954) 384-4557, fax: (954) 384-5483, or e mail: Gary@Levie-Opper.com.