Adguy, you're right! It was Money Mortgage. I had forgotten the name. A friend and I went to one of their seminars for the heck of it. They passed a list around showing the names of some of their investors, including Mattress Mac and a well-known Galveston attorney Ben Powel who specializes in banking matters.
We listened for a few minutes then realized that it was a Ponzi scheme. The moment they stopped getting investors in an exponential way, they would have no choice but to belly up. I was amazed Patrick and that former Texas legislator (forgotten his name, too) who owned a bank, for Godsakes, were allowing them to scam their listeners. They had to have known.
Anyway, within a week after the seminar that my friend and I walked out of, the feds had begun to scoop down on the Money Mortgage boys and they contemporaneously took bankruptcy.
Criminal charges were in order for sure.
Bill, you were wise to avoid that scheme, but I do know that Patrick and his people had no idea what the MM guys were doing. I know a few people who invested in their deal and got burned and from what I know the subordinate partners didn't even know what the senior partner was doing until the whole thing unraveled and they were in already in a world of shiite. I'm sure Patrick and his friends were burned right along with the other investors. Like you, I saw that deal and was approached about investing, but my wife had concerns so we backed off. It did sound like a great deal along the lines "if it's too good to be true...". I do know the partners of MM are under criminal indictment with trials sometime this coming fall. I'm sure you'll read about it in the newspapers.
