When it comes to investments, if it looks to good to be true, it probably is.
"The alleged Ponzi scheme was a doozy. The SEC says that from 2006 through last year, Clark raised $47 million from investors for his firm, Impact Cash, an online payday lender making loans to the poor at Chili Palmer rates.
He promised his backers annual returns of up to 80% a year.
You heard me. Eighty percent a year.
One hundred and twenty investors took the bait."