American Greed

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The Crime

FBI Special Agent Carl Carturo explains the new auditing company was the beginning of the end: “That’s a watershed because once you set up a phony accounting firm and they’re gonna do the quote unquote independent audit, now you’ve opened the door and you’ve entered the world of criminality.”

Bayou’s updated financial statements attract investors whose money will be used to pay redemptions for earlier clients. Almost by accident rather than design, Bayou has become a ponzi scheme.

Source:  Kurtis Productions