Clearly, this man is a candidate for the
href="http://www.darwinawards.com/">Darwin Award. K. Wayne
McLeod has been charged — posthumously — with running a Ponzi scheme
that victimized an estimated 260 law enforcement agents.
He deliberately solicited hundreds of people, all of whom have guns,
all of whom know how to use their guns, and all of whom have access to
information resources that can be used to locate other people. He
then did something that was guaranteed to piss every single one of them
The outcome is not particularly surprising.
The U.S. Securities and Exchange Commission today charged the estate of
Florida investment firm executive K. Wayne McLeod with running a Ponzi
scheme that victimized an estimated 260 law enforcement agents.
McLeod reportedly raised at least $34 million since 1988 by luring
active and retired government employees to invest in the “FEBG Bond
Fund” with false promises of annual returns between eight and 10
percent. McLeod operated the fund through the Federal Employee Benefits
According to the SEC’s complaint, McLeod wrote to investors, “With all
of the Ponzi Scams going on around the world I wanted to insure you
that this account is 100% secured by US Gov’t Securities and the
principal is never touched until liquidated.”
The SEC alleges that the “FEBG Bond Fund” did not exist…
McLeod was found shot to death in his car in Jacksonville, Fla. Tuesday
morning, four days after he sent an e-mail that notified his clients
that he was closing the fund.