Michael S. Goldberg spent his days selling medical equipment. But he promised potential investors he had a hookup through a college fraternity brother to purchase foreclosed assets from Chase Manhattan Bank. And he promised that he had great connections to sell those assets to large companies. And he promised interest rates of 13 to 40 percent on investments and heavenly returns of 20 to 100 percent.
Of course, it was a deal too good to be true. Now Goldberg, formerly of Wethersfield, is in the middle of a decadelong stint in federal prison for inducing more than 350 people and organizations to give him $100 million. He and his former investment company are also in bankruptcy proceedings, though the fight to recover the $30 million that was lost by investors in his Ponzi scheme is now focused on Goldberg’s early investors.
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