Quote:
Originally Posted by sailoffwithme
If the legal system is anything like the USA if any money is left it will all be ate up in legal costs and you won't get anything back.
ex: Coastin 88 got relived of all their cash and after the SEC got finished with astronomical court cost the members got about 3% of the money back.
Scam - vs - larger scam  |
This is a
totally incorrect concept that has been trotted out and paraded around at TalkGold for years.
The real facts:
When the SEC investigates a Ponzi scheme, the costs of that investigation come
solely from their own operating budget (paid for by US taxpayers).
When the SEC institutes civil litigation against the operators and/or promoters of Ponzi schemes, the costs associated with that litigation come
solely from their own operating budget (paid for by US taxpayers).
If criminal charges are filed (Dept. of Justice, if it's a federal crime), the costs associated with
that investigation and litigation come
solely from the operating budget of the agency or agencies involved (paid for by US taxpayers).
The
only time when funds "belonging" to a shut-down Ponzi scheme are consumed by or disbursed to
anyone other than the victims of the Ponzi scheme itself, are when the court appoints a "receiver" (usually an independent attorney who is
not an employee of the government. These receivers have an extraordinary challenge tracking down what the scammer has done with the "investors" money and diligently piecing together as fair a disbursement plan as can be constructed under the circumstances for whatever money is left. The receivers must submit detailed periodic reports concerning their expenses to the court in order for the court to grant them reimbursement for their "reasonable expenses". Then and only then does the court allow anyone other than the victims to receive any of the remaining funds.
SD
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