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Federal regulators recently accused Raleigh investment manager
William Wise of participating in an $80 million Ponzi scheme in which
clients were promised staggering returns but never had their money
invested, for instance.
In
March, authorities said the late Bruce Kramer of Midland was at the
center of a $40 million investment-fraud scheme, promising high returns
to about 80 investors. In reality, a federal lawsuit says, he deposited
just a fraction of the money and spent the rest on a luxury home,
sports cars, a horse farm and parties. A receiver is tracking down the
assets.
