FOMO, fear of missing out! And when it all went south, how did a few keep the money they might have known wasn't so legit?
In this episode of The Sounds of the Baskerville, Chris Baskerville continues the story of his investigation of the Goldsky Ponzi scheme.
The scam defrauded investors millions by promising a 20% guaranteed return on their money. Chri explains how the fraudster, Ken Grace, used fake documents, celebrity endorsements, and a shell game to fool e people into his scheme and how he paid the early investors with the money from the later ones to create a word-of-mouth effect.
How did Ken Grace use the credibility of some people to abuse the trust of so many? Some people got their money back and kept it. How? Chris discusses the differences between the Goldsky case and the Bernie Madoff case (the largest Ponzi scheme in history). He looks at the different outcomes for the fraud's winners and losers.
Why should those who knew or suspected the fraud and walked away with profits give back the money? Why don't so many have to give back what they got and share it with the victims who lost their life savings?