” targeted military families in a multi-million dollar investment scheme that forced victims into personal bankruptcy and their homes into foreclosure.”
What low-lives, targeting the military! Any fraud is bad, but targeting the military makes it even worse, taking advantage of their lack of financial sophistication.
The lesson here for everyone is to remember the old saying “If something sounds too good to be true, it usually is” and “there is no such thing as a free lunch”.
I don’t know anyone who lost money in this scam, but I have talked to people who are reluctant to invest in a mutual funds, stocks, because the financial advisors explain that there is a risk and also a downside to every investment, but then they go and take their life’s savings and invest every penny in a fraudulent investment, because those salespeople only paint the pretty picture of stellar return and lie about the risks.
They should teach budgeting, investing in high school, so we wouldn’t have so many naive people who fall for the snake oil salesmen.
As someone who saw their investments go from $100+/share to less than a dollar while the company officers all walked away with millions (and not a thing anyone could do about it) I can see how it would be hard to tell the difference.