It has been so long since we've had a good old-fashion Ponzi scheme indictment down here in Miami. That was until Isaac Niego came along and got busted today.
Federal authorites claim Niego defrauded 33 investers in a $2.5 million Ponzi scheme. Niego and an unnamed coconsipirator solicited investments through two Coral Gables firms: Bull Trade LLC and Profitas Capital Investments. He promised investors their money would generate guarenteed returns of 100 percent.
Of course, if it sounds too good to be true, it usually is.
In actuality, only a small amount of the money was ever invested, while the bulk of it was used to either pay back earlier investors or for Niego's personal use.