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More than 10 years ago I traveled all the way up to The Bronx to see an accountant I'd heard of. I wanted to see if I had calculated capital gains correctly on the sale of a mutual fund held many years. I knew that had I kept accurate records, I could deduct capital gains paid thru the years from the final sale. He had one of his reps use a "program" so I knew in the future i could tackle this myself, but I wanted another opinion. After the returns were completed a sharp looking, well dressed man, Mr Van Zandt came over to review the returns and said i had done a terrific job with my recordkeeping. He then pitched his scheme for me to invest my money with him promising 8% returns on my investment. When asked what he was investing in he replied real estate in The Bronx. Having grown up in NYC, I thought about that thinking real estate in The Bronx? Can't be all that great an investment & declined his offer. Anyone interested in what Ive said here should now google Bob Van Zandt & contemplate any get rich quick schemes.
Re: ponzi scheme
This is a good lesson people need to hear from time to time, so thanks for posting it. If you had grown up in Paducah, KY you might be very much the poorer at the moment. How could anyone who even remotely thought they might be dealing with a New Yorker, especially if you have an accent, think he could peddle you a real estate scheme involving the Bronx???
Re: ponzi scheme
Apparently he fooled more NYers than anyone else. And most of them live right there in The Bx. He had pamphlets all over the office promising 8% return on investment. I still have one! Did you google him? His son apparently was involved with "The Mob" and was either rubbed out or committed suicide and was found floating in his pool. So his get rich quick scheme didnt fair him too well. He would review returns done by those he had working for him and select those clients he thought he could rake in.