Class Action

Ponzi Schemes

Latest News

8:00am - 5:00pm EST

Office Hours Monday - Friday

(574) 722-6676

Call Us For Free Consultation

Facebook

Twitter

Menu
 

How a Chicago rabbi allegedly abused his trust with the Chicago Jewish community

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.

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:

  1. A person in a position of trust, such an accountant, cleric, preacher, insurance salesman, or an investment advisor;
  2. Abusing his trust by convincing his followers to invest their hard earned retirement savings;
  3. By promising big returns with little or no risk;
  4. 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
  5. 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.