Robert Tunnell, Former San Francisco Attorney, Admits to Ponzi Scheme
|I lost thousands, and all I got was this crummy t-shirt.|
The feds claim that things only went downhill from there. Starting in 2006, Tunnell represented himself to those closest to him as a successful investor and kept to his story until his arrest in June 2011, the indictment states. Working from his residence at 550 Battery St., he took roughly $10 million they had entrusted to him and invested it in risky commodities trading that lost $7 million.
The indictment claims that Tunnell used the remaining millions to repay other investors asking for their returns -- the hallmark of a Ponzi scheme.
Until then, Tunnell will enjoy his last months of freedom while he remains out on bond.
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