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E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

Released Tuesday, 8th June 2021
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E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

E10: Port St. Lucie Ponzi Scheme. Preying on Senior Citizens.

Tuesday, 8th June 2021
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Josh, Rob, and Andy explore the details of a Ponzi scheme involving the disgraced Port St. Lucie broker, Darrel Bank who was recently convicted of conspiracy, mail & wire fraud, selling unregistered securities, and money laundering. Bank targeted over 300 victims, mostly senior citizens in a scheme that saw him garnering outrageous 20 to 70 percent fees from unsuspecting clients. Seniors appear to have failed in their due diligence in researching Banks' shady past, which included a barring from the industry in 2010 for selling unregistered securities.

The politically savvy Bank’s ingratiated himself to clients through a bolstered sense of credibility, seemingly legitimized by his co-authorship of the book Successonomics and a local radio show entitled Getting Your Financial House In Order. This pristine public image prevented investors from properly vetting Bank’s who in typical con man fashion continued to exploit his clients naivety through a vicious cycle of fear and greed.

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