Archive for the ‘Connecticut’ Category

How Do Ponzi Operators Pay Off Debts from Old Scams?

Tuesday, January 15th, 2008

You guessed it — by starting new scams.

Robert E. Bridges has pled guilty to starting a new Ponzi scheme to pay off a $5 million civil judgment stemming from a previous scam.  It worked in one sense- Bridges raised $8 million in the new scam by telling investors in Connecticut, Rhode Island and Massachusetts that he purchased portfolios of debt from businesses and turned a profit by using collection agencies to collect the debt himself. (more…)