This information should shock no one by this point, but it seems that there are more tales of alleged fraud emerging from the general direction of Wall Street. Move over, Bernie Madoff.
Mark Bloom took millions from investors, lied about where he invested it, collected $1.6 million in fees, and is now insolvent!
James Nicholson told investors he was putting their money into hedge funds, and that those funds were performing well. When the Madoff scandal broke, people asked for their money back from Nicholson. The checks bounced. Now investigators think he may have vaporized up to $900 million!