Joe Zada Update 11-17-10

Remember the guy I was telling you about a year ago? His name is Joe Zada. Joe had one of the bigger Ponzi schemes going in the Grosse Pointe/Detroit/Wellington/Palm Beach area. He denies any involvement, of course. The money he failed to pay back was "loans" he says. He has had an army of attorneys saying the same thing, but the court judgements have piled up nonetheless. The ex Detroit Red Wing,Sergei Federov, has the largest judgement against Joe...about 60 million dollars! But he also has the best chance of collecting, and I will tell you why in the future. There is a long list of other victims, of course. Two years ago, Joe began to simply admit in his court filings that he owed the money. A judgement would be issued...but ol Joe would claim he was unable to pay. Of course, Joe has just reclaimed his Grosse Pointe "mansion" (741 Lakeshore Drive) back from a Sheriff's auction...but we won't go into that just yet. What I would like to go into is an action taken by the SEC this week. That's short for Securities and Exchange Commision. Finally, a criminal indictment has been filed against Mr. Zada. Eleven pages, to be exact. As soon as I am done reading it, I will post the best parts. Suffice to say that the SEC doesn't consider the money to be loans at all. The SEC thinks that Joe has run a huge Ponzi scheme for many years.  How huge? 50 million? Oh gosh no. 150 million? No, no, no. The official figure is...drumroll please...298 million dollars!! Where did it all go? Stay tuned and I will tell you...to be continued