What Percentage of People Who Characterize Themselves As ‘Entrepreneurs’ Are Scammers?

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Andrew Albert? Photo: Metro-Goldwyn-Mayer Studios Inc

That's one question raised by the case of 49-year-old Andrew Albert, who's just been indicted by the Manhattan district attorney for grand larceny. Albert allegedly swindled investors out of nearly $600,000 by pretending to start a luxury shopping website, on1ave.com. The only place the money appears to have gone is toward a large loft in Tribeca and expenses that included $26,000 in groceries, $6,700 on a dog, and $9,000 on hair and makeup. Another question: Is Andrew Albert actually a recently graduated sorority sister, and are those "investors" his/her parents?

Entrepreneur Indicted After $590 K. Investment Allegedly Produces No Website, Just Tribeca Loft and $26 K. in Groceries [BetaBeat/Observer]