  |
A Florida man used facilities at the University of Miami to run a multimillion-dollar Ponzi scheme and recruited school employees for the operation.
Andres Pimstein, a UM business school graduate, has confessed to operating the scheme in which some investors were promised returns of 18 percent, Miami-Dade County police said. People across the country lost an estimated $30 million in the scheme, which collapsed this year, said Wayne Black, a Miami private investigator hired by one investor.
“Pimstein was able to convince a couple people there to use their computers to control the bank accounts that he laundered the money through,” Black said…
Pimstein had a joint bank account with the university’s director of contract administration, Alan Weber, according to bank records. Black said investor meetings were held in a UM conference room used by Weber, and as many as three dozen current and former UM employees — including two former senior university officials besides Weber — bought into Pimstein’s operation.
“It was about making money, and then it turned into [Pimstein] being the center of attention,” Black said. “Him being important to these people that were friends. He played baseball with them. He knows their kids, in some cases.”
I’m certain his next door neighbors say he’s kind to the cat, as well. Hasn’t everyone realized by now you can’t tell a book by its cover, eh?
#19, Tom,
Oh ??? So what “private” company has entered the Social Security field?
How many “private” companies have mismanaged their retirement funds?
And while the stock market can return higher returns, they also have higher risk. The risk is usually reflected in the return.
>> Which is why I buy gold now instead of 401k.
Heh heh heh! Are you shitting me?
Nope. You would be surprised how much you can buy when you don’t donate to the gov’s 401k.
I’ll bet you’ve got rifles
yep.
and a year’s worth of canned tuna fish
nope.
Where do you keep all that gold, in the WC of your toilet?
Right next to my rifles.
>>Not really. I can choose not to
>>buy insurance.
Yeah, you can (in some states). Depends on how stupid you are. Or if you can afford $500,000 for a liver transplant or a heart-lung transplant, then go for it.
But it would be MY choice.
>>You are going to see way more than that if
>>you think printing more money is going to
>>solve the problem.
Talk about yer non sequitur. Where did “printing more money” come from?
Where do you think they get the money for the bailouts? Now you know why I said, “Get a clue.”
#22–TomB==your position is too insular==as if you lived on an island by yourself. Try reading a few books. Might start with Mill “On Liberty” and the rest of his canon including “Utilitarianism.” Go find some hugs.
# 21 Mr. Fusion said, on August 22nd, 2008 at 11:30 am
#19, Tom,
As a SOCIETY it is in the countries best interest to have a healthy and financially stable population.
I agree. However, gov programs are not how you achieve that.
Oh ??? So what “private” company has entered the Social Security field?
How many “private” companies have mismanaged their retirement funds?
And while the stock market can return higher returns, they also have higher risk. The risk is usually reflected in the return.
I don’t invest in the Stock Market either. Personally, I find the idea of someone investing in a company they know nothing about to be insane (note I do know some people get rich in the stock market. They are rare). You want your money to grow, buy precious metals. No one ever went broke stockpiling gold.
There is a reason there is a 10% hicky on taking money out of your retirement fund early. The gov doesn’t like the fact you are using it for something other than their uses. Whenever the gov reduces interest rates, the dollar inflates. They would much prefer to have your money wrapped up in their fiat money system than in something that holds its value.
The FRN is the greatest scam ever perpetrated on the American people. They steal your money, out of your pocket, and all they have to do is sneeze during a Fed meeting.
Sure, you have to pay your taxes on the money you don’t put into a retirement fund, but you don’t have your money locked up for the next 30 years, deflating at 10% a year. You are paying a tax on it whether it sits there or not. Why not do something to hold its value a little better?
Take your money, buy gold (you can get it in fairly small trade bars), put it in a safe deposit box if you want, whatever, and in 10 more years see what it is worth next to that $500 you have in the 401k.
There always seems to be a scapegoat that gets fingered, while others around him pretend to be victims themselves. But I wonder if they didn’t stand to profit as well? And let Pimstein take the fall, when the sh*t hit the fan.
When people get greedy, promises of 18%, you get
burned. When it sounds too good to be true, it is
too good to be true.