What if you put a big chunk of your retirement in Certificates of Deposit, and then found out it was a $7 billion Ponzi scheme, cleverly disguised as CDs.
Richard Cochran, 79, is just one of thousands duped by convicted Ponzi schemer Allen Stanford. He thought his bank deposits were insured by the Securities Investor Protection Corporation.
The Securities and Exchange Commission has asked SIPC to accept claims from Stanford victims, but SIPC argues the CDs Stanford issued from a bogus bank in Antigua aren’t covered. The matter is about to be decided by a judge. Meantime, Cocharan is look for work in the construction industry as he approaches 80 years of age.
Click here to read my column on Marketwatch.