How a Chicago rabbi allegedly abused his trust with the Chicago Jewish community
An article authored by Law360’s David Matthews describes how a Chicago rabbi allegedly abused his trust with the Chicago Jewish community by convincing his followers to invest over $35 million into a Ponzi scheme. The facts as described by the following article contain the hallmarks of a typical Ponzi scheme. These are:
- A person in a position of trust, such an accountant, cleric, preacher, insurance salesman, or an investment advisor;
- Abusing his trust by convincing his followers to invest their hard earned retirement savings;
- By promising big returns with little or no risk;
- The Ponzi schemer steals a portion of the money to support his lavish lifestyle, uses a portion of the investment money to pay early investors inflated returns so that those early returns can be touted in continuing the scheme; and
- Eventually the investments fail and a large majority of investors end up holding the proverbial bag.
Starr Austen & Miller has represented hundreds of victims of Ponzi schemes. If you or a loved one have been victimized by a Ponzi schemer, contact us today for a free no obligation consultation.