Carnegie Mellon U. Gets $40-Million Returned From Investment Swindle

April 22, 2011, 4:54 pm

Carnegie Mellon University has received more than $40-million in restitution since December from a court-appointed official who is seeking the return of funds to investors in what turned out to be a multimillion-dollar swindle in which four university endowments were among the victims. The investment scam, which prosecutors described as a Ponzi scheme that bilked hundreds of millions of dollars from investors, led to criminal charges last year against two men, who allegedly spent the money on mansions, horses, rare books, and an $80,000 collectible teddy bear. Aside from Carnegie Mellon, which had invested $49-million, the other university victims were the University of Pittsburgh ($65-million invested), Bowling Green State University ($15-million), and Ohio Northern University ($10-million).

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drjeff

And if all else fails and no-one will buy it, better and easier than recycling it is to Freecycle it. (www.freecycle.org) I am always amazed by how eager people are to pick up a piece of dead, ancient electronics.

Also, if it’s still working, but you’re embarrassed to take money for it, and you’re too lazy to Freecycle it, I’ve found that putting a small sign that says “Works” on a printer or monitor and leaving it on the curb when I leave for work pretty much ensures it won’t be there when I return.
AbdulKareemaWheat

Leaving such an item in a parked, unlocked car can achieve the same result.

Poof! Gone.
infogoon

Make sure that you actually clean off any data on the device. I tend to buy cell phones on eBay, and you’d be amazed how many used phones arrive with someone’s contacts, photos, and files still on there. For even more sensitive data, try buying used hard drives or flash media.
keis8427

Very good news!
willamette

Good in that the university recouped $40 million, bad that it lost $9 million plus the appreciation on that investment if it had been invested in something other than a Ponzi scheme. Worse that there are investment directors at universities who can’t tell the difference between a legitimate investment and a Ponzi scheme.

And what of Pitt, BGSU and Ohio Northern? How much did they get back?