Three Execs of $722 Million Ponzi Scheme Arrested In The U.S.

The defendants including Matthew Brent Goettsche, 37, of Lafayette, Colorado; Jobadiah Sinclair Weeks, 38, of Arvada, Colorado; and Joseph Frank Abel, 49, of Camarillo, California, have been charged with conspiracy to commit wire fraud and conspiracy to offer unregistered securities.

The press release also says that Goettsche mocked investors in emails with his fellow conspirators:

“Goettsche discussed with his conspirators that their target audience would be ‘dumb’ investors, referred to them as ‘sheep’, and said he was ‘building this whole model on the backs of idiots.’”

The defendants could be paying fines of up to $500,000 including a possibility of spending 25 years behind bars.

Image Credits: Pixabay

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