Ponzi scheme

I mean, everything they're doing..." And I-

Dude, every time I see someone with a yarmulke, I'm like, "I think they're gonna run a Ponzi scam and try and get us into debt and watch a porno."

Explained to him these details which I've been asked to keep private until whatever the jurisdiction, you know, uh-

Until after 9/11 when he made it up probably

And I think it is legitimate.

I don't think it's a Ponzi.

I don't think it's a...

does with the legislative process in the US currently with the Genius Act last year and the Clarity Act now, it is becoming more legitimate in that sense.

Two weeks ago or three weeks ago, maybe it's been a month, there is this person that's currently being investigated now.

He built a Ponzi scheme, and his style was he made it seem like he was really, really rich.

And he had a company that he started, and the company was, "You invest with me." Of course, you know, the same Ponzi scheme that everybody does because what's our thing? Do I want to work and figure out how to multiply my wealth and figure out the right ways to invest? Or do I want to give it to someone else who's shown me that they can be successful and give it to me because I don't want to put any work in? I'm not saying it's necessarily a wrong way to do things, right? We all have so much time to do something, right? If you can trust an individual, you're going to want to give to that individual.

So this individual, he...

Because, because that...

He's not making money.

He's taking your money, and what he does is...

And a Ponzi scheme, if you don't know how it works, is I take your money and I do whatever I wanna do with it.

And so then it became a nightmare.

And then it became realizing and finding out more that this was all a Ponzi scheme.

Wow.

Pat, thanks for joining us to share your story.

Never heard another word back from him.

So I was out my investment and life has not been the same for me ever since.

So I want to tell people too, your book is Wolves in Sheep's Clothing, A Ponzi Victim's Story.

You can get that wherever great books are sold, of course.

I've had gentlemen who have been romance scammed, been contacted through unsolicited telegram messages and sent over their entire Bitcoin stack over.

I've had people invest in Ponzi yield scams online that I've seen them do it.

They didn't facilitate through myself, but they bought the Bitcoin with me, held it in self-custody, had a period where they were holding it for six to eight months safely and securely.

And then somebody came along and said, essentially, give me one Bitcoin and I'll double it, right? You know, something to that effect, or I'll make you 1% per day.

He was in on it because for all of his faults, Epstein certainly was somebody who knew how to manipulate Wall Street and how to play this offshore game.

In a phone interview with Observer, Steve Hoffenberg alleged Epstein participated in a Ponzi scheme the two ran together in the 80s before using the ill-gotten gains to launch his investment company with the help of financial loans from Deutsche Bank.

Now, in the real world, when you use ill-gotten gains to start a company or a business, well, that company or business gets seized by the federal government.

And it's very suspicious to me that none of these companies that Epstein set up, Liquid Limited or any of these other companies, none of them were seized by the federal government.

But I do think he was engaging in this operation to build profiles and build different sorts of information data banks so that he could use those profiles and use that information to further his own position, to build his own stock.

Hoffenberg oversaw Towers Financial but was sentenced to 20 years in jail in 1997 for defrauding clients at $450 million.

Although Epstein was never charged in the case, a lawsuit filed last year by former Towers investors lists the financier, pedophile, as an uncharged co-conspirator and allegedly and alleges he knowingly and intentionally utilized funds from fraudulence, and diverted those funds he obtained from the massive Ponzi scheme for his own personal use to support a lavish lifestyle.

And the reason he got off on all of this is because he worked as an informant for the government.