Small Time Ponzi Scheme Costs Investors $15 Million

Have you ever heard of Marcia Sladich?  Unless you live in the vicinity of New York City you probably haven’t.  And, perhaps that is lucky for you.  The New York Times reports that Ms. Sladich has been convicted of running what might be called a mini Ponzi scheme.  It can be called mini because her scheme was far less devastating than the scheme originally perpetrated by Charles Ponzi and certainly miniature in relation to the investment scheme orchestrated by Bernard Madoff in more recent years.  However, that is probably of little consolation to Ms. Sladich’s friends and fellow church goers who lost more than $15 million due to her scheme.

The Times reports that from 2004 to 2007, Ms. Sladich solicited funds from her friends and neighbors, promising to invest their money and double it within a year.  She was sentenced to 70 months in federal prison as the result of a complaint by the Securities and Exchange Commission.  Ms. Sladich, who worked as a ticket taker at Giants Stadium, admitted that she used the proceeds of her scheme to pay personal expenses and invest in real estate.  To read more about this case, see http://www.nytimes.com/2010/01/14/nyregion/14towns.html

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