Tags: US | Longest | Ponzi | Scheme

Long-Running Ponzi Scheme Exposed

Sunday, 13 Jun 2010 02:45 PM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

Roberto Heckscher's double life as a meek accountant and high-rolling gambler has collapsed along with a Ponzi scheme authorities say he operated for 30 years.

Heckscher was sentenced to 20 years in prison last month after confessing to bilking family members, friends and mostly elderly investors out of $50 million. Authorities believe it is one of the longest-running Ponzi schemes in U.S. history.

Many of his victims lived and worked in the working-class Sunset District neighborhood in San Francisco where Heckscher rented an office above a flower shop.

Many of his victims have lost their homes and retirement nest eggs because of the scam. A judge has set a July 29 hearing to determine how much money Heckscher has left and how it should be distributed.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Trump: Nevada Rancher in Position to 'Cut a Good Deal' With Feds

Wednesday, 16 Apr 2014 22:59 PM

Billionaire real estate developer Donald Trump thinks Nevada cattle rancher Cliven Bundy is in a strong position to cut  . . .

One Dead, Three Injured in Blast at Tennessee Ammunition Plant

Wednesday, 16 Apr 2014 21:58 PM

One person has died and three others were injured on Wednesday after an explosion at an ammunition plant in central Tenn . . .

Government Causes Generic Drug Shortage, Critics Say

Wednesday, 16 Apr 2014 16:49 PM

A proposed Food and Drug Administration rule on product labeling will exacerbate shortages of generic drugs already resu . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved