Clearly, this man is a candidate for the 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 off.
The outcome is not particularly surprising.
SEC: Slain CEO Was Running Ponzi Scheme
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 Group, Inc.
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.
Comments
So is the assumption that he was killed by one (or more) of the cops he ripped off?
Posted by: Name Withheld | June 27, 2010 3:54 AM
Yes. Hasn't been proved, but the conclusion at least seems compelling.
Posted by: Joseph j7uy5 | June 27, 2010 12:36 PM
Well, I think suicide is also believable. It's getting harder and harder to escape to somewhere without extradition nowadays. Pyramid scheme operators seem to convince themselves that they can keep all the balls in the air until they die of natural causes or something, then are at a loss when the whole thing collapses.
Posted by: Vasha | June 27, 2010 4:45 PM
The audacity!
Posted by: Dr X | June 27, 2010 8:24 PM
I love scien I don’t see any parallax scrolling. Hmm, what’s wrong?
Posted by: orjinal altın çilek | April 16, 2011 2:14 PM