Investment Advice Guru Who Gave Big To GOP Accused Of Ponzi Scheme

Investment Advice Guru Who Gave Big To GOP Accused Of Ponzi Scheme

A Nevada motivational speaker-cum-investment guru who is also a major GOP donor is being accused in court documents of operating a Ponzi scheme in which investors were promised big returns for buying real estate in the Dominican Republic.

While the FBI is reportedly investigating the businessman, James Catledge, he has not been charged with a crime by the government. The accusations against Catledge are leveled in the lengthy report of a special master who was appointed by a federal judge in Florida as part of a civil suit brought by aggrieved investors.

The special master, Thomas Scott, who is the former U.S. Attorney for the Southern District of Florida and a former federal judge, conducted a forensic analysis in the case. The accusations against Catledge were first reported by the investigative news Web site Broward Bulldog.

The special master report alleges that Catledge along with Canadian resort developers Frederick and Derek Elliott engaged in a "Ponzi scheme or Ponzi-like scheme" causing thousands of investors to be "financially destroyed."

They allegedly sold fractional and timeshare units at two sites in the Dominican Republic, Juan Dolio and Cofresi, which were foreclosed on and sold last year. The special master accuses Catledge of marketing and selling the real estate products to investors, who were "guaranteed" annual returns of 7 to10 percent.



More:
http://tpmmuckraker.talkingpointsmemo.com/2010/02/another_south_florida_ponzi_scheme_catledge_finger.php?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TPMmuckraker+%28TPMmuckraker%29

Hat-tip to:


Another Ponzi Schemer Turns Out To Be Republican Party Contributor. Anyone surprised? http://twitter.com/cody_k/status/8562901777


Hmmm...

Rush Limbaugh's Dominican Stag Party
29 Viagra pills, two "24" producers among radio star's all-male crew

ULY 6--Rush Limbaugh was traveling with four other men--including the producers of the hit show "24"--when he was detained over a mislabeled bottle of Viagra found in his luggage during a Customs search. A Department of Homeland security passenger manifest shows that Limbaugh and his four buddies flew from the Dominican Republic on a Gulfstream IV jet owned by Premiere Radio Networks, which syndicates his radio program. Limbaugh returned to Palm Beach, Florida on June 26 with Joel Surnow, "24"'s co-creator and executive producer and Howard Gordon, another of the Fox hit's executive producers (Hollywood agent Jeffrey Benson was also part of the Limbaugh quintet). With all those guys in tow, it is unclear what Limbaugh needed with those 29 100mg Viagra pills. The passenger manifest was among several documents released today by the Palm Beach County State's Attorney in response to a TSG open records request. Included in the material released were a copy of the handwritten statement Limbaugh provided investigators after he was detained upon the discovery of the impotency drug. An affidavit sworn three days later by Limbaugh was also released. In that document, Limbaugh explains that the Viagra "was intended for my exclusive use" and that the drug had been prescribed in the name of his drug treatment doctor, Steven Strumwasser, "to further maintain and protect my privacy." (4 pages)

More:
http://www.thesmokinggun.com/archive/0706062rush1.html

Is it too much to hope that this guy might have stolen Limbaugh's fortune?

are any of those gents married?.