Kingfish has this interesting new post about a possible Jackson based investment scam called Steadivest. As usual, Kingfish’s investigation and analysis is in-depth and better than what you are seeing these days from Jackson’s mainstream media. Kingfish wraps up the post with this spot-on summary of the common fact pattern of many investment scams:

I have seen this scenario so many times that I can almost predict the outcome. Firm solicits investors in some exotic creation that promises a new way of doing business. Firm is actually a “family” of companies that are constantly created and dissolved with ownership moved around from officer to officer. Said companies also tend to have very short life spans. Owner lives high on the hog, buying a fancy home on the water in the Palisades as investors give him millions of dollars, only to see the money lost in bankruptcy. Owner files bankruptcy1 for one company while keeping the others operating, thus allowing him to continue the um, game (can’t say scam, might get me sued at this point.). This one smells, folks and it doesn’t take a genius to figure out what is going on in this case.

And yes folks at the JFP, I know he’s not really a fish. But throw the man a worm. Blogging with that kind of detail is not easy.