You can't cheat an honest man? Michael Imbesi loses millions in alleged Ponzi scheme

This morning's U-T tells the story of Michael Imbesi of La Jolla, who lost millions of dollars to Florida-based apparent Ponzi schemer George Elia who appears to have fled to Greece.

Elia promised the family he could generate profits of 20 percent a year by using their money to buy and sell securities on their behalf.

For six years, Elia sent the family quarterly statements and payments on time. The first signs of trouble happened in April, when a statement was late.

When questioned, Elia showed Imbesi a binder of financial documents that supposedly backed their investments. When Imbesi asked for copies, Elia refused, calling the records “confidential,” the suit states.

Mmmmm... yeah, that sounds legit.

What kind of idiot trusts his life savings to some guy promising 20% returns?

It's been said that you can't cheat an honest man. And if this Michael Imbesi is this Michael Imbesi, that would appear to be validated here.

A Michael Imbesi with La Jolla connections was involved in wireless cable TV "investment" Vision Communications back in the 1990's selling shares through infomercials and boiler rooms and settled with the SEC to shut it down and give back the money.

I'm guessing there aren't that many Michael Imbesis with that kind of money running around Southern California.