Wednesday, January 21, 2009

People v. Kenefick (Cal. Ct. App. - Jan. 15, 2009)

Shelley Kenefick ran a Ponzi scheme that defrauded six investors, some of them elderly, of $890,000. She's convicted in California state court and receives a sentence of 16+ years in prison.

Let's remember that and compare it to what Madoff -- who (allegedly) defrauded thousands of victims, including the Elie Wiesel Foundation (!) -- of billions of dollars eventually receives.

I bet neither Kenefick nor Madoff are especially happy with how things turned out. Think about that the next time you're thinking that a Ponzi scheme might be a fun thing to run.