Ponzi scheme lands U.S. man in prison

Between 2001 and 2009, a U.S.-based man named Randy M. Cho ran quite the lucrative business.

Calling himself a self-employed securities trader with connections, he approached more than 50 investors over those eight years, says blogger Bill Singer. He adds Cho told them he could snag extremely low-priced shares of major tech companies like Facebook, which hadn’t even gone public at the time.

Cho collected almost $1 million dollars from these individuals.

Read more on how he was caught, and on how he ducked taxes in 2005.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.