Million Dollar Movie Ponzi Scheme, Part 1
The Perfect Scam
AARP
4.5 • 1.1K Ratings
🗓️ 13 December 2019
⏱️ 21 minutes
🧾️ Download transcript
Summary
Malcom "Mac" Parker aspires to be a filmmaker. In Vermont, Mac is known as a beloved children's entertainer, appearing on public television and performing around the state. Mac is so well respected in his community that when he begins to raise funds for his film "Birth of Innocence," investors are quick to jump on board. His promises of high returns and a chance to be a part of the film industry sweeten the deal. Mac claims that he will need approximately $1 million and three years to complete his film. However, nearly a decade passes. The film continues to go unfinished and Mac raises well above his $1 million goal. Investors grow weary and when investigators step in to sort out the mess, they discover that Mac is embroiled in a $28 million Ponzi scheme.
Transcript
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| 0:00.0 | Coming up on this week's episode of AARP's The Perfect Scam. |
| 0:04.0 | He told us that it would take about three years and he would need about a million dollars |
| 0:09.0 | and that we were going to be part of a small group of investors. |
| 0:13.5 | It was a real kick in the stomach |
| 0:14.8 | after we realized what was going on. |
| 0:17.0 | Burily trusted him. |
| 0:22.0 | Financial security is important to all of us. We all want the peace of mind that comes with having enough income to cover our expenses and to live comfortably when we're retired. |
| 0:32.0 | Unfortunately, our anxiety about having enough money |
| 0:35.4 | can leave us vulnerable to scammers, |
| 0:37.7 | eager to exploit our desire to increase our net worth. |
| 0:41.8 | The worst part is that sometimes these scammers are people that |
| 0:44.9 | we already know and trust. On this special two episode edition of the |
| 0:49.5 | perfect scam you'll hear the story of a woman who was one of many victims of a Ponzi scheme. |
| 0:55.0 | We'll explain how Ponzi schemes work and what to look out for in case you're approached by someone with an investment offer that seems too good to be true. |
| 1:04.2 | But first, I'd like to introduce you to my co-host |
| 1:06.4 | and AARP's Fraud Watch Network Ambassador Frank Abagnale. |
| 1:09.9 | Frank, thanks for joining us once again. |
| 1:11.8 | Thank you. |
| 1:12.1 | Great to be back, Julie. For those of you just tuning in. We've covered a couple of these types of stories and as many fraud experts will say there's no shortage of them. |
| 1:21.0 | Ruthless people still continue to defraud and deceive friends, acquaintances, even family |
| 1:26.0 | members in order to make a buck. |
| 1:28.5 | From what we've learned on this show, it's a classic scheme and eventually it all comes crashing down. |
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