Florida: A Ponzi schemer’s paradise

When Buddy Persaud promised his investors the moon and the stars, he wasn’t kidding.

Persaud, an Orlando-based financial broker, believed the markets were affected by lunar cycles and gravitational pull.

When — surprise, surprise — the heavens failed him, Persaud paid out their promised high rates of return (up to 18 percent) by simply recruiting new investors and using their funds to pay off the old ones, the Securities and Exchange Commission alleges.

Put simply, he ran a Ponzi scheme — the non-sustainable pyramid fraud that invariably ends in ruin.

In the dirty world of Florida Ponzi schemers, Persaud is a small-timer. His enterprise, which totaled $1 million, was a comparable pittance.

From Scott Rothstein to Nevin Shapiro to even Bernie Madoff, there are so many swindlers with South Florida ties, they deserve their own wing in the Scoundrels Hall of Shame.

If pooled, the proceeds from their greed-fueled scams could run some small countries.

Read more: Florida: A Ponzi schemer’s paradise – MiamiHerald.com

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