Get Rich Quick Con Artists…The World's Second Oldest Profession!

For 25 years, Christopher Markowski has been exposing con artists, scams, and financial fraud. From Bernie Madoff to the dot-com bubble, and now the Alan Stanford Ponzi scheme—why do people keep falling for these get-rich-quick lies? A $5.9 billion fine 16 years later does nothing for the victims. Where was the SEC? Where was FINRA? www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:17):
Stop being ripped off people for crying out loud, Get
Rich Quick. Con Artists is the world's second oldest profession.
I have had this show for twenty five years. Twenty
five years we've been going after con artists, crooks, frauds.

(00:38):
We've covered it all.

Speaker 3 (00:38):
We warned people about Bernie Madeoff, We warned people about
the dot com scams, Warren Warren, Warren Warren, and here
was another one that twenty years ago we were warning
people about.

Speaker 2 (00:50):
And you know what the reaction was, Know what the
reaction was. More often than not, you don't know what
you're talking about, Markowski, What do you it's a ced
it's safe, he's paying he's paying an interest rate on
those CDs. That doesn't make any sense. It's coming from

(01:11):
a bank in the Caribbean. Yeah, Alan Stanford seven point
two billion dollar Ponzi scheme. We were jumping up and
down on this program. I didn't have no podcast twenty
years ago. It was just a radio show, and more

(01:34):
often than not people told me to go blank myself. Yeah,
that's true, that's you know, basically this, you know, my
sissaphy in battle here, trying to warn people about pitfalls
that they keep falling into, again and again and again.
It certainly shucks to be right all the time because

(01:55):
guess what, we're right, you lose. He didn't have to
you could have listened anyway. This came out yesterday. Decision again,
this is sixteen years after this lawsuit was filed. They
imposed a five point nine billion dollar civil fine on Stanford. Yay,

(02:18):
what the hell good is it? Okay yo? Who has
been making money off this case? Except the lawyers. Stanford's
in freaking jail man. He's gonna be in jail to
lot what he's got, one hundred and ten year prison
sentence he's gonna work off. That's five point nine billion dollars. Again,

(02:39):
this is the whole racket, the whole system that's put
into place. Ah. Yes, they ordered the group to pay
some of the people that work. They're grabbing some money
for them. A little eighteen million here, five million here. Again,
this is an eight billion dollar scam. A think about

(03:04):
the amount of people that fell for this crap, that
fell for this it's again this guy with This guy
declared bankruptcy in twenty ten for crying out life. He
was selling CDs. And the funny thing is mainstream media

(03:26):
played the commercials. Radio stations played the commercials. This guy's
touted in financial publications. Nobody raises their hand. Where the
hell is a damn SEC at that point in time?
What the hell were they? Where the hell was finner
or NASDAC at that point in time? How the hell
does a bank in Antigua pay a twelve to thirteen

(03:50):
percent CD rate? How that's all I asked? You explained
it to me. How that's fricking possible? It wasn't. We
were right again. Everybody else stayed. Think I needn't give
a ship again. Yeah, when you worship money, okay, you'll
you'll do anything for it. Watchdog on Wall Street dot

(04:15):
com