Telecom Charade Bilks Elderly

A Detroit broker managed to defraud hundreds of elderly clients of $74 million in exchange for investments in imaginary telecommunications contracts. To make matters worse, Frank Bluestein’s sham contributed to a far larger Ponzi scheme managed by the notorious Edward May. Many of Mr. Bluestein’s clients cashed out home equity for their shady deal. Frank, what would your mother think of this?! Check out the Bloomberg.com story here. http://www.bloomberg.com/apps/news?pid=email_en&sid=a7Z1V_CXOKDw

September 28, 2009 In: Uncategorized Comments (None)