Wednesday, June 17, 2009

You Too Can Live Like a Ponzi Schemer

If you're not doing anything today at around 1:00 PM ET and happen to be in the Hamptons, you should mosey on down to the bankruptcy auction being conducted by Maltz Auctions of Marc S. Dreier's former property.  Mr. Dreier, for those who have a hard time keeping up with all of the recent spate of con artists, was a well-respected lawyer who made off (pun intended) with around $380 million of his clients' money.  Why would anyone bother with running a complicated ponzi scheme when the stress is bound to get to you eventually?  Just click on the link and check out the properties that Mr. Dreier had the fortune to live in before the scheme was discovered.  First there is the 7,000 square foot ocean front 8 bedroom, 8 bath mansion on 2.4 acres.  But, of course, 8 bedrooms is never enough, so why not buy the 3,000 square foot ocean view home next door for guests that aren't good enough to stay in the main house?  To bid on the main house, you need a certified check of $400,000 made out to the trustee.  But for the smaller house, a shack really, a check for $100,000 will do.  Chump change.    

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