Ponzi schemes have come in many flavors this year. Bernard Madoff sold the “split-strike conversion.” R. Allen Stanford allegedly sold CDs. Nicholas Cosmo allegedly sold high-yield “private bridge” loans. Charles Ponzi himself sold postal reply coupons.
Yet the most outrageous-if not the largest-Ponzi scheme is now emerging from the waters off southern California. Call it the Yachtzi Scheme.
