Ponzi Scammer Dies in Drive Off Cliff

[The Sushi Bandit]

Source: Honolulu Advertiser

A former Kaua'i mortgage broker who admitted to defrauding more than 50 people out of $30 million drove his truck off a cliff into a ravine in Washington state, killing himself yesterday, the day he was due in federal court in Honolulu for sentencing, according to law enforcement officials.

Lull's failure to show in court in Honolulu prompted the issuance of a bench warrant and spurred a manhunt by U.S. Marshals and the Federal Bureau of Investigation.



Read more: http://www.honoluluadvertiser.com/article/20090515/NEWS01/905150366

[KamaAina]

1. That's at least the third Ponzi scheme in the news here in the past two months

and this is a small state (1.2 million pop., roughly that of Idaho or New Hampshire).

edit: NH

[galloglas]

30. They are floating up all over !!

I have been in "the business" for years and am seeing the chickens coming home to roost on the con men.Indeed, it seems that virtually every Ponzi scheme will go belly-up due to the insane economy. You mentioned three (in HI ??) and noted NH's size. In fact, Manchester, NH, also has its own Ponzi scheme in Noble Trust Company that was seized in Feb, 2008. In that case the losses were about $15 million, with the pricipal pleading guilty last month and sentencing to occur in July.

[Robbien]

2. No guilt for robbing people of their life savings

The man just didn't want to give up his luxurious life style for a nice new orange jumpsuit.

[ejpoeta]

22. the thing is, now he can't be convicted of anything and where does that leave his victims?

[Robbien]

23. The article states the prosecutor is still pursuing the case to seek

out where the assets are hidden, if any are left.

[tranche]

3. How the mighty have fallen.

nt

[RandomThoughts]

4. Or he is in the Bahamas

They should look at bail amounts closely in those cases, even if to just protect the people from themselves.

[HopeHoops]

5. Fucking coward.

:mad:

[shanti]

6. did he have family?

if so, how are they being supported?

[tclambert]

8. Death before sentencing equals dismissal of the case.

That's what we learned from the sudden, unexpected death of Ken Lay, ex-CEO of Enron. He died, apparently of a heart attack after conviction but before sentencing. The conviction was therefore abated and the government therefore could not ask for repayment as part of his sentence.

The only recourse is a civil suit against the estate. And they cannot use his conviction as evidence in the civil case, since the criminal case was essentially erased. The legal theory is that his death prevented him from proceeding with his appeals. The plaintiffs must prove guilt all over again. As of today, the civil suits continue unresolved.

His family thus profits from his criminal gains. In other words, they are still stinking rich.

[IDFbunny]

11. Will the family also get life insurance

He likely drove of the cliff delibrately, but what proof, and would it matter?

[galloglas]

31. Life insurance policies have incontestable clauses

Which means that, unless suicide occurred within two years of policy issue, the policy is incontestable by the company and that they will be obligated to pay.

[aquart]

13. Does that strike anyone else as a gaping loophole?

[bagrman]

18. Lay is probably on Bush's ranch in Paraguay.

[The Sushi Bandit]

21. you have a very good point!

[LiberalFighter]

25. I so want to chop that Burger King asshole's head off.

[Robbien]

9. "was under federal investigation for possible new crimes in Washington state "

which answers how his family was currently being supported.

And yes, according to the article he had kids. His kids and kids of the people he swindled in Hawaii played together.

[shanti]

26. so he took one for the fam....

i hope they choke on the ill-gotten lucre they have! :grr: the right thing to do would be to pay it back!

[Stellabella]

7. Just like Thelma and Louise.

But not.

[ConcernedCanuk]

10. Yeah, but they had a really good car chase beforehand

.
.
.






I hated the ending

[Stellabella]

28. Yep. And they were the victims, not the bad guys.

Plus they looked great.

[aquart]

12. Uh, did they find the actual body?

Not that I'm suspicious or anything.

[avaistheone1]

14. Yup. It won't be the first time...

[Deja Q]

15. Too easy. Even that Kirk guy in that new fangled Star Trek film thing faked going off a cliff too.

:shrug:

[MadMaddie]

16. Well at least he only took himself out of the life game and left

his family alive.

[shanti]

27. yeah

and rich as croesus on other people's money! :mad:

[MadMaddie]

35. I know....I know...

[The Backlash Cometh]

17. Pretty extreme.

Anyone with a psychology degree know why these people have the balls to pull off the scams, but not the courage to face the music?

[galloglas]

32. Yep!

Sociopathy. They care about no one but themselves. Courage is something they recognize only in themselves and in their story book idols, when they have those. But being totally self-interested, "facing the music" is something that they don't consider a necessary thing, if they can find a way out. And suicide is a way out...

[The Backlash Cometh]

34. I think I understand.

Sociopathic. They have decided that they are completely different than the people they hate, that becoming one of them (us) is intolerable.

[KT2000]

19. As they say in my neighborhood

"it was his time."

[santamargarita]

20. Now there is a great idea for Republicans in their SUVs

:sarcasm:

[BartMang]

24. Coward.

Pathetic.

[Endangered Specie]

29. Ironic, considering thats the general direction he will be going in the afterlife...

if you get my meaning.

[DU GrovelBot]

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