Showing posts with label Ponzi Schemes. Show all posts
Showing posts with label Ponzi Schemes. Show all posts

Thursday, July 21, 2011

From A Giggle To A Chuckle To A Deep Belly Laugh

Imagine my delight when I cracked open my paper this morning and saw this headline.

Radio host gets charged in Ponzi scheme

Conservative radio show host Pat Kiley claims he was just reading from a script when he told his worldwide radio audience in weekly broadcasts that he was a senior financial adviser and they could avoid financial Armageddon by entrusting him and his business partners with their money.

Don't give your money to the evil Gubmint. Give it to us!!

But federal authorities say he did much more than that. In an indictment unsealed Wednesday, Kiley was portrayed as an integral figure in the $194 million Trevor Cook Ponzi scheme that defrauded more than 700 investors.

Kiley's program, "Follow the Money," was carried on more than 200 stations nationwide, including KSTP Radio (1500 AM), and on the Worldwide Christian Radio network. He called his listeners "truth seekers" and drew them in, rich and poor alike, with promises of financial security, just as the bottom began to drop away from the stock market.

Oh no. Say it ain't so. Of course, this is even the best part of this story.

In court, Kiley told U.S. Magistrate Judge Jeffrey Keyes that he had "probably $9 to $10" in the bank, $11 in cash and an as-yet uncashed Social Security check, "which I live off of."

I thought it was Social Security that was the Ponzi Scheme. Now he says that he's living off of it? Pardon me for just a moment...


Maybe the "Gubmint" does know how to handle money better than the private sector. They always come crawling back to it, don't they?