Since I spend a load of time commuting, I listen to an awful lot of KYW 1060. I “give them 22 minutes” as they say, and they “give me the world.” 22 whole minutes of it. Basically what they give is what they conisder to be the top news events of the day. National news, local news, and anything in between. The last few weeks on more then one occasion, I have heard reports of another PONZI SCAM. This one was in PA, (Montgomery, Chester, Berks, and Bucks Counties) and used mortgages as its scam. It is alleged that Wesley Snyder has been an operator in a scam that was in the $40 million range before it collapsed. Apparently Wesley Snyder, like our Glyn Richards, is not new to allegations of decieving investors. The 88-page complaint in the Berks County Court of Common Pleas, by Attorney General Tom Corbett is at least the fourth lawsuit seeking restitution for victims of Wesley A. Snyder and his Berks County companies. (Read full Philadelphia Inquirer story here.)
I will watch this closely as I know what these people are going through. For those of you that love to speculate about the inner circle of a scammer and how they are held responsible, according to this story his wife and several employees are also facing a civil lawsuit. I will also watch closely as I will be curious to see how the wheels of justice move in another state in regards to a ponzi scam. Good Luck to those of you that were duped.