In response to the recent spate of Ponzi schemes around the U.S., state lawmakers and Congress are attempting to tackle such fraud through legislation. But some lawyers are skeptical about whether new laws are the answer, saying what's needed is more oversight and more victims who are willing to come forward to name the con artists. Says a DLA Piper partner, "You can have all the FBI agents in the world, and unless they're involved as investors, they're not going to know about [a fraud] unless someone drops a dime."
March 12, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
State lawmakers and Congress are trying to tackle Ponzi schemes through legislation, but lawyers are skeptical about whether new laws can stop the scams, much less snare them.
With plenty of fraud statutes already on the books, attorneys argue, it’s not more laws that are needed but more oversight and more victims who are willing to come forward to name the con artists.
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