Swindled Bonus: The Fund (Darren Berg)
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Dec 19, 2024 Discover the gripping tale of a notorious fraudster from the Pacific Northwest, often dubbed a 'mini Madoff.' This story reveals how Darren Berg orchestrated a staggering $140 million Ponzi scheme, leaving over 500 investors devastated. Dive into the ethical dilemmas surrounding controversial investment practices in real estate, and learn about the psychological allure of charismatic con artists. The episode also examines Berg's dramatic legal journey, from early entrepreneurial missteps to his audacious escape from a minimum-security prison.
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Early Signs of Deceit
- Darren Berg, while at University of Oregon, was accused of embezzling $21,000 from his fraternity.
- He later dropped out and started an advertising agency with a former fraternity brother, which also failed.
Bank Fraud and Probation
- After his advertising agency failed, Berg was indicted for bank fraud, obtaining $19,000 illegally.
- He pleaded guilty, receiving probation and an order for psychiatric counseling.
Meridian Group's Rise
- Despite past failures and a felony, Darren Berg established the Meridian Group in Seattle.
- This group grew to include over 20 entities, including real estate funds and a bus company.