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Madoff’s and Hershon’s Ponzi Schemes March 13, 2009

Posted by gregquill in Uncategorized.
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They really shouldn’t call this stuff “news”. There isn’t much about it which is new.

Simon A. Hershon ran afoul of the SEC years ago in a Ponzi scheme involving his Interbank Fund (IBF). It was a smaller class operation compared to Madoff’s, and it got fixed when the SEC agreed to fine Hershon a relatively paltry $500,000 plus $400,000 civil penalties. Before the scheme, and perhaps in preparation for it, Hershon also managed to earn a Harvard MBA and a Harvard Ph.D. in Business Administration while he was on active duty with the U.S. Navy.

Maybe if the SEC was awake at the switch, a lot of Madoff losers wouldn’t have been hurt so much.

There’s at least one book in here somewhere.

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Comments»

1. maryhen - April 24, 2009

I was a Hershon victim. We lost half of pension money and forced my husband to work several additional years. Unfortunately, we had no others to commiserate with over our losses or to take any action as a group. Your comments are appreciated by me.

gregquill - April 24, 2009

MaryHen,
I am very sorry that the courts did not or could not repair your loss. If someone robs a liquor store, I hope that they don’t get off with a fine. Why not jail time in this case? -Greg

2. Allen - May 16, 2014

He now uses the name of Sy Hershon and lives in Potomac Maryland. He is a thief and needss to be stopped!

3. Jeff - May 15, 2016

For all of the pain and financial agony that he knowingly caused to so many, for strictly greedy reasons, Simon Hershon should be rotting in jail right now. He is an example of the worst of humanity. It sickens me to the core that he basically got away with committing these crimes. What’s the SEC for, if not to really punish scum like Hershon with a stiff penalty for lying and stealing from people?


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