Seattle Man Indicted In Ponzi Scheme

By Jonah Spangenthal-Lee April 20, 2010

From the

The 55-year-old Seattle man, James Liddell, was at large Monday morning, but investigators said he'd been in contact with the FBI.

"As these indictments demonstrate, Ponzi schemes are not limited to financial advisers," U.S. Attorney Jenny A. Durkan said. "Investment brokers such as Bernie Maddoff and Rhonda Breard make headlines, but in these cases it was literally 'the guy next door,' who bilked friends and neighbors.

"Each took in millions for a purported business plan, and then fraudulently used the money for his own benefit."

The Liddell case was investigated by the FBI White Collar Crime Section with help from the Washington State Department of Financial Institutions and Seattle police.

Asked if the focus on financial crimes was done in response to the lack of attention to such crimes after 9/11, Durkan claimed financial crimes always were a priority.

In other news, if you've ever wondered where the term "Ponzi scheme" comes from but have been too lazy to Google it yourself, click here.

Filed under
Show Comments