Father And Son Admit To Running Phony 'Paulson & Co.'

Sep 21 2012 | 12:23pm ET

A father-son fraudster duo has pleaded guilty to pretending to be Paulson & Co.

John and Jeffrey Fowler pleaded guilty to conspiracy to commit mail fraud and wire fraud this week. The two set up a Florida corporation two years ago called—you guessed it—Paulson & Co. Inc.—and raised more than $4 million, claiming to be an affiliate of the real Paulson and promising to invest the money in a good futures program run by the prominent hedge fund, Forbes reports.

Of course, the Fowlers had nothing at all to do with the real Paulson, and simply spent the money raised on themselves. The scam went sour in November of last year.

Father John faces up to 20 years in prison. His son faces up to five.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

With NFL season on the horizon, it’s time to take a look at our Fantasy Football value picks. Last year, we nailed it on Drew Brees, Jordan Howard, Frank Gore and Dwayne Allen. We missed pretty badly on Duke Johnson, Demaryius Thomas, Mohammed Sanu and Eli Manning.