PSYC 3402 Lecture Notes - Lecture 7: Law Abiding Citizen, Bounded Rationality, Closed-Circuit Television
15 Mar 2017
School
Department
Course
Professor
Document Summary
One of the biggest ponzi schemes in cdn history was committed by businessmen gary sorenson and milowe. Individuals were asked to invest in a gold refinement business, where they would get a high rate of return on their investment (35%) Instead, sorenson and brost used money from new investors to pay off old investors. From 1999 to 2008, more than 2400 individuals invested. Total damages estimated at to million dollars. 600 victims filed victim impact statements in court. Both men were sentenced to 12 years in prison, w/ brost given a concurrent sentence of 5 years for money laundering (making illegally gained proceeds appear legal) No restitution ordered (unclear who lost what amount) What is an emc (economically motivated crime): hard to define, many different types of emcs, can be committed by individuals or groups. Crimes where the primary motivation is financial gain.
