Shades of Bernie Madoff!
Another commodities trader got busted for stealing money from investors.
Tyrone L. Gilliams Jr. is the trader in question who is also a part-time preacher and a promoter of hip hop events.
That description alone should have warned people not to trust him. He’s being sued for fraud by his investors.
What’s of extra interest is in the number of Ponzi schemes uncovered by investigators that just seem to keep popping up all over the place. The SEC is hot on the trail but what is of amazement is that the people who perpetrate such schemes feel like they’re going to get away with it. Even the smaller scams are being brought to light and that means scammers are best to be on their toes.
People lose hundreds of millions a year to scam artists and even some investors who’ve done their due diligence get snagged into one crooked scheme after another.
In Gilliams case he was high profile posing with pictures with such stars as P Diddy and more. It appears that Gilliams was using a network of middle operations and middle men that most scammers use such as virtual offices, post dumps. These scams come to play when investors don’t realize they’re supposed to verify things first and not fall for celebrity glamor. This case of Gilliams is going to turn out to be the showcase in how fraud can be done and is done and it’s sure the SEC is going to ask Congress to move on legislation to cut out the procedures used by investment groups that allow con artists to move people’s money around all over the place and then avoid prosecution.
