$70 Million Palm Beach Fraud & Ponzi Scheme
If you are the trustee of a Palm Beach trust, don’t look any further that the front page of today’s Palm Beach Post, www.palmbeachpost.com, for why you should think twice about investing trust assets in private deals. Palm Beach County is the center, again, of another Palm Beach fraud and Ponzi scheme that bilked investors. The Post estimates that two schemers operated a $70 Million Ponzi scheme. It had all the tell tale signs of a Palm Beach investment scam or fraud. If you are a Florida trustee, think twice about investing Palm Beach trust assets in a new development, a start up, a restaurant, or a novel technology. RE-think investing Palm Beach trust assets with a bank or trust company that has the discipline and experience to stay away from such investment pitches.
Palm Beach Trustees Should Hire a Professional Co-Trustee
- How could a scam raise millions and millions of dollars from Palm Beach?
- The scammers sold a “guaranteed” investment
- They talked about a purported income stream
- Promising 300%-500% investment returns
Trustees: Get Real & Serious
- Hire a pro.
- Or delegate investment authority to an investment agent under the Florida Trust Code.
- Ask your trust lawyer how you should manage a trust and what you can do to protect yourself, and your trust beneficiaries.
- Sales pitches always sound good.
- Everyone would love to get in on the ground floor of the next Twitter or Facebook.
- But be careful. This is Florida, after all, not Silicon Valley.
The Palm Beach Post article about this Palm Beach frau and Ponzi scheme is online at : http://www.palmbeachpost.com/news/business/virtual-concierge-owners-arrested/nfTxn/