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Resource ID: #18508
Subject: Fraud
Source: Esquire Magazine
Affiliation: 
Date: October

Description

An Esquire investigation reveals how a con man, Reed Slatkin, convinced wealthy people to hand him millions of dollars. Slatkin started an elite art group, Sing Like Hell, which brought prominent singers and songwriters to perform for music lovers in Santa Barbara. The article describes how many new-establishment aristocrats got interested in the so-called "capital venture for the soul." They invested hundreds of millions of dollars in Slatkin's new fund that was supposed to get them significantly higher return than the rates typically paid by money-market funds. The scheme, known as one of the biggest investment frauds in American history, has been a fifteen-year operation involving as many as 850 investors, the magazine reports.

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