Ponzimonium by Bart Chilton

Author:Bart Chilton
Language: eng
Format: epub
Tags: Personal Finance, Business Ethics
Publisher: United States Government Printing Office
Published: 2012-01-16T16:00:00+00:00

Bank fraud – Criminal fraud against a bank to obtain a loan or other bank services

A Car to Match Every Outfit

Sean Healy

“In reality, Healy simply used the investors’ funds to live a lavish lifestyle, purchasing millions of dollars of luxury items such as a $2.4 million mansion furnished with over $2 million in improvements, $1.5 million in men’s and women’s jewelry, numerous exotic vehicles and performance sports cars, including a Bentley, Ferraris, Lamborghinis, and Porsches worth over $2.3 million, and employing a team of bodyguards, drivers, nannies, and maids to serve him and his family on a daily basis.”

—Excerpt from the indictment against Sean N. Healy1

In July 2009, the CFTC charged Sean Nathan Healy of Weston, Florida with defrauding investors of over $14 million. Healy falsely claimed that he would use their money to trade, among other things, commodity futures contracts and commodity options contracts on their behalf. Contrary to Healy’s claims, he did not use any of these funds for investments; rather, Healy went on a spending bender with his wife Shalese, whose profession as a Hooters waitress became media fodder during this case.2

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