Scam artists

Scam artists

• Farms respect for the high interest paid • Financial Tsunami has exposed fraud granl • Its tentacles crossed the Atlantic and landed

Osiel Castillo Barraza On

The Ponzi scheme that Bernard Madoff used to defraud some 50 billion dollars was exposed when the epicenter of the so called biggest fraud in history broke out with the confession of his own creator and had significant aftershocks in Asia, Europe and Latin America.

The monumental scam created by the now called con artist would not have discovered if he had not reported to the two vice presidents of the Bernard Madoff Investment Securities that both were her children.

'We're broke, Madoff said that sincere one that investors could trust millions of dollars by the high returns they offered, the seriousness with which he drove and the appeal of being the founder of the Nasdaq index on Wall Street.

When FBI agent who arrested him in his luxurious apartment in a full floor in Manhattan confessed: 'I have a decent explanation.

It was almost a father of modern capitalism minted shares of high-tech companies that went through the roof in the late nineties and early in the new century when the speculative bubble burst that exceeded 9 000 points and 500 points was in a thousand. There were suspicions at the time.

How can one doubt that winning smile? They ask many disappointed when the huge embezzlement has an undeniable base: the greed of investors who wanted profits beyond the normal banks and stock markets themselves.

This enormous mass of billions of dollars, whose top executives believed to be about 15 billion in reserves to meet any contingency, were reduced to 200 or 300 million dollars. Madoff confessed love them distributed among some loyal employees and investors.

But it manages to be an artist so perfect that it actually manages to deceive their own senior executives? Hardly.

The FBI, which followed him closely, believes that the family was aware and extensive research will be throwing other accomplices of the stockbroker who started his company 30 years old when he gathered $ 5,000 as a lifeguard in Long Beach.

It has been called the biggest fraud in history but was committed at Enron in 2002 was in excess of 63 billion dollars and in Mexico Fobaproa noted in more than 120 billion dollars, although not listed as a mega fraud but if you have many stories.

PONZILos SCHEME Ponzi schemes are committed with the same members who are entering the scheme. But here was different.

Charles Ponzi, also in New York conned thousands of investors to gains offered by 30 percent if they trusted their money to 30 days. The interests offered rose to 70 percent gain if the time was three months. Greed touched the hearts of those who heard the songs of the sirens.

Widows sell their houses for quick profits. Potentates savings invested a lifetime of work ... Until there was nothing to distribute.

Carlo Ponzi was born in Italy. In New York learned in managing the trading floor of Wall Street and felt the greed that pervades much of his actors.

After designing your schema with which greedy conned thousands of New Yorkers, Ponzi was arrested and spent 10 years in prison. After serving his sentence, he went to Florida where he tried another fraud like, but his fame had already transcended the nation, was discovered and arrested again.

He fled to Brazil where he died in abject poverty on January 18, 1949.

REPLICAS IN NEW LEONEL The Wall Street Journal reported that one of the families affected by the Madoff Ponzi scheme, was the Clariond Reyes-Retana.

Surprisingly, the news was denied by Eugenio Clariond Reyes Retana, elder brother of the family and former Chairman of the Board of Grupo IMSA. Do not know where that rumor came as news taken the important newspaper.

The family has a huge cash Clariond following the sale of Grupo IMSA their cousins ​​Canales at 800 million dollars.

The same company sold Channel 700 million to a thousand dollars a year later. The weekly financial newspaper of Mexico City to publish a photograph of Fernando Canales to illustrate the information.

Both families had lost tens of millions of dollars in the Abaco-Trust Case. The President of Grupo Financiero disappeared, Jorge Lankenau Rocha was seven years in prison.

Monterrey investors have lost significant amounts of money but as the Moscow stock that had a significant upturn in the last decade but proved to be a speculative bubble that gathereth them losses of $ 700 million.

Irigoyen IRIGOYENJosé IF Villarreal "The Count? offered higher interest rates than banks in their used car business and Car Brite Car Brand new, in the city of Monterrey, NL

More than 2 000 500 people were disappointed by what turned arrest warrants. He was a fugitive for three months and was arrested in San Antonio, Texas.

He was deported and went to prison in March 1993. Irigoyen's accomplices were his mother, his wife Juana Idalia Lozano Fuentes and his secretary. The fraud was estimated at 50 billion pesos (before removing three zeros from the weights).

Ponzi and Madoff go to the black history of white-collar criminals who were true artists of fraud, although both were exposed. It is believed that more frauds will emerge throughout this year as it has predicted the Nobel Prize for Economics, Paul Krugman.

• Published in RegioNegocios of the city of Monterrey, Mexico in January 2009. You can use this article if you quote the source.