AsCircuitJudgeAndersonsaidin the 1922 Lowellv.Brown case, the Ponzi scheme was "simplytheold fraud ofpayingthe earlier comers out of the contributions of the later comers."
The feds--seemingly as outraged as Monex was when it learned of the Spondello documents--quickly filed an appeal with the supervising jurist, U.S. District Judge James V.