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John Thomas graduated with a bachelor’s degree in biochemistry with honors and a minor in mathematics from the University of California at Los Angeles (U.C.L.A.) in 1974. He moved to Tokyo, Japan where he was employed by a medium-sized Japanese securities house. Thomas became fluent in Japanese... More
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  • Scam Of The Month 0 comments
    May 2, 2014 9:33 AM

    Having trouble raising capital for your new hedge fund? Just list Warren Buffet as your "Honorary Chairman."

    That's what California prison guard Ottoniel Medrano did. To help his marketing efforts, he also claimed that he had $4.8 billion in assets under management as well as massive real estate holdings somewhere in Asia.

    Medrano's International Realty Holdings managed to raise $700,000 from individuals with this scam, which he promptly shipped to offshore bank accounts, before the Feds shut him down. When you think you've heard everything, something like this pops up. Unbelievable.

    You would think that people have heard of "due diligence" by now. People with famous financial names, like Morgan, Rockefeller, Rothschild, Getty, and DuPont often find out they are endorsing things they have never head of to help someone's fund raising effort. I once heard of a guy who got a license plate, GETTY 1, just so he could get free valet parking at restaurants.

    It all brings back unpleasant memories of the Bernie Madoff discovery. By the way, Bernie has only 125 years left on his sentence. By then he will be 201 years old. Who knows? Maybe on that low fat, low carb prison diet he'll make it.

    Want to Invest in My Fund?

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