It was the oldest trick in the conman’s book. Offer a ridiculous rate of return on allegedly fabulous investments – in this case 17% per month.

Then the conman pays the monthly 17% interest with new investor’s money as it comes in. As the original investors receive their interest cheques, they tell their friends who in turn invest. When the new investors run out, the money dries up. 

All the while the conman helps himself to the millions which he spends and invests in real estate which he transfers into his wife’s name, sends bucket loads of cash into Swiss bank accounts and then declares bankruptcy. Then he (sometimes) goes to jail for a short time and lives like royalty when he gets out.

That’s the smart way to do it. But some of them aren’t that smart. Such a conman was Karl Suleman, founder of Karl Suleman Enterprises and froggy.com. 

It was the oldest trick in the conman&rsquo;s book. Offer a ridiculous rate of return on allegedly fabulous investments &ndash; in this case 17% per month.
Then the conman pays the monthly 17% interest with new investor&rsquo;s money as it comes in. As the original investors receive their interest cheques, they tell their friends who in turn invest. When the new investors run out, the money dries up.&nbsp;
All the while the conman helps himself to the millions which he spends and invests in real estate which he transfers into his wife&rsquo;s name, sends bucket loads of cash into Swiss bank accounts and then declares bankruptcy. Then he (sometimes) goes to jail for a short time and lives like royalty when he gets out.
That&rsquo;s the smart way to do it. But some of them aren&rsquo;t that smart. Such a conman was Karl Suleman, founder of Karl Suleman Enterprises and froggy.com.&nbsp;

Nights reviews the day’s news and current affairs, follow breaking news of the night and push a unique brand of talk radio beyond sunset and through the night.

Advertisement