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July 20, 2007
Massive Ponzi Scheme Unravels in Middle Tennessee
There's a criminal named Robert W. McLean that's been running a Ponzi scheme on the Cumberland Plateau of MIddle Tennessee for the last 10 years. It was pretty much a secret until it unraveled in April, when a lack of new suckers caused the scheme to implode.
Robert McLean was promising and delivering returns of 10% to 20% a month on investments for nearly a decade. Unfortunately, it was all just a classic Ponzi scheme. Although he has not yet been charged with a crime, he's been sued in civil court by 7 "investors" seeking to recover approximately eleven million dollars. Current guess is that the final tally may show as much as fifty million has gone missing.
McLean checked himself into a mental institution in Nashville last week. I'm not 100% sure why he did this, although I suspect that he was getting advice from someone, and it will probably stall the proceedings against him. One thing is for sure, if he comes out of that hospital, he is a dead man. His life is not worth a plugged nickel in Shelbyville.
http://www.rctimes.com/apps/pbcs.dll/article?AID=/20070719/NEWS03/707190394/0/MTCN0306
http://www.dnj.com/apps/pbcs.dll/article?AID=/20070719/NEWS01/707190317/-1/CUSTOMERSERVICExx
http://dnj.com/apps/pbcs.dll/article?AID=/20070718/NEWS01/707180346/1002
http://www.wsmv.com/news/13715823/detail.html
http://www.t-g.com/story/1232003.html
Related Posts: Feds Raid Robert McLean's Office
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Posted by Rob Kiser on July 20, 2007 at 12:34 PM
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