Courts & Crime

July 9, 2012

Florida: A economic crimes Ponzi schemer’s paradise

When Buddy Persaud promised his investors the moon and the stars, he wasn’t kidding. Persaud, an Orlando Florida-based financial broker, believed the markets were affected by lunar cycles and gravitational pull. When — surprise, surprise — the heavens failed him, Persaud paid out their promised high rates of return (up to 18 percent) by simply recruiting new investors and using their funds to pay off the old ones, the Securities and Exchange Commission alleges.

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