Was anything more inevitable than a Hamilton Ponzi scheme?
The Securities and Exchange Commission charged two men in New York with fraud on Friday for running an $81 million Ponzi scheme that promised to make money reselling tickets to the sold-out Broadway musical.
The Ponzi masterminds, Joseph Meli and Matthew Harriton, allegedly promised 125 investors that they would make at least a 10 percent profit from a scheme to buy and resell tickets to Hamilton and other in-demand shows, including an Adele concert.
Instead, Meli and Harriton spent up to $2 million on jewelry, private school and camp tuition and gambling. Plus, they had to use at least $48 million to keep the Ponzi scheme going and pay off earlier investors. Read more…