Wednesday, March 4, 2009
Tennessee Stock Broker Pleads Guilty To Running Ponzi Scheme
Michael J. Park of Brentwood, Tennessee, and a former owner of Park Capital Management Group, a brokerage firm, pleaded guilty to defrauding dozens of investors out of some $9 million in what authorities described as a Ponzi scheme. According to prosecutors, Park never invested investor funds and admitted using the money on a lavish lifestyle and to operate a new mortgage lending business he had started.
Read FraudTalk's original post on this story here.