The Way We Defraud Now

Maybe it's a specially tailored undershirt?

Ponzi schemes are so two-years ago: The way we’re losing our money to hucksters these days is via tech IPO scams. One Floridian, John A. Mattera, managed to convince people he somehow had a hook-up to pre-IPO shares of Facebook and Groupon, among other private companies. These people, seemingly not thinking things through terribly far, forked over a collective $11 million. Mattera was arrested on fraud charges, which will be brought against him in Manhattan federal court; the SEC is expected to bring action as well. Among the things he spent his allegedly ill-gotten gains on was $11,000 in tailored clothing, so you can’t help but feel a little bad for the guy: He was arrested wearing an undershirt.