Florida Gulf Coast: A Ponzi Haven?

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The list of failed Southwest Florida investments keeps getting longer.

Arthur G. Nadel faces 15 federal counts in an alleged scheme that cost investors nearly $400 million. Beau Diamond has been hit with wire fraud and money laundering charges, accused of preying on Sarasota's New Age community. John and Marian Morgan have traded their bayfront mansion for Sri Lankan jail cells while awaiting indictment over an alleged get-rich-quick prime bank scheme.

Read the whole story at Herald Tribune