A cautionary tale of real estate fraud: Buyer beware!


There was the tip off. Right in front of my face. How , I wondered, did the victims of this massive real estate fraud not recognize larceny as it stared them right in the face?

But there it was in the article I was reading as it came into full view on my laptop: Said the New York Times, "Mr. Puff drew investors by advertising guaranteed annual returns of 15% to 20% from his business of buying, renovating and reselling real estate."

Really! 15% to 20% annual returns!

That should have been the tip off right then and there. But it wasn't for more than 1,200 investors who, in total, handed over more than $123 million dollars to Wayne Puff's Ponzi scheme .... the investors ended up losing $55 million.