Too good

The news is out: [NEW YORK (Reuters) – The founder of a New York money manager and two associates were criminally charged on Thursday with running a $1.8 billion Ponzi-like fraud where thousands of victims were falsely promised steady returns on their investments.
David Gentile, the chief executive of GPB Capital Holdings LLC, was accused of cheating more than 17,000 retail investors taken in by promises of consistent 8% annual returns even as the firm was hemorrhaging losses.
Authorities said Manhattan-based GPB told investors their payments would be funded by revenue from the firm’s holdings, including a group of car dealerships, when in fact a “significant” portion came from money from newer investors.]

People losing money to crooks deserve every impact of the fraud perpetrated on them.

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