There are crooks in every field, but some fields are ripe for the picking.
If you wanted to run a scam would you a/ try to fool hard-nosed money changers in a mature industry that makes a product or b/ pick the latest touchy feely fashionable trope and offer their fans, who are not good with cause, effect or numbers, a chance to feel great and get rich too?
From 2005 to 2009 a few US graduates straight out of college promised to turn biochar into energy and save the world as well. They raised $54m, gave $17m to the early investors and then promised 484% returns to later investors. The Clinton Foundation loved them, but they never made even a kilo of Biochar. Not long after that the US SEC figured the scam out and shut them down. That was 2009. Then it only took 10 years to get one sentenced to and for only 30 months jail.
If only the media had been more skeptical:
NBC Philadelphia: 30 months in prison for $54m Green Scam
[Amanda] Knorr co-founded a company called Mantria Corp., which with the help of a slick-talking Colorado “wealth advisor” raised […]
April 11, 2019 at 11:43AM