Why Con Artists Love Florida

Florida Celebrates 100 Years of Investor Scandals

In the relatively short history of our beloved Sunshine State, we have garnered a rich and colorful tradition of cons, scam artists and investor fraud. The arrest this week of Sarasota hedge fund manager Arthur Nadel and the discovery of millions of papers in a Queens warehouse tied to Bernie Madoff's ponzi scheme are only the latest chapter in Florida scam lore. The Guardian UK writes, "To historians, or anyone with a long memory, the Florida link to today's investor scandals is hardly a surprise. The state has always had its own infamous role in many of the great scams of the past 100 years." Keith Wirtz, CIO for Fifth Third Asset Management, explains the lure of Florida, "There's tons of northeast money, a lot made on Wall Street, that ends up in Florida. These scam artists prey on the retirement community and you have a lot of retirees with a lot of money there. There are more victims to be had in Florida." The State of Florida, home to an inordinate number of moronic specialty tags like Trees Are Cool and Support Soccer, should seriously consider a tag celebrating 100 years of investor scandals.