Thursday, June 16, 2011

Quick Post: Victor E. Cilli Arrested and Charge in Student Loan Ponzi Scheme

Victor E. Cilli, 45, was arrested by FBI agents in New Jersey. Cilli, a day trader, is accused of stealing $1.5 million from a Cleveland Bank in a student loan scam. Authorities also say he stole $500,000 from investors. 

The investigation of Cilli's activities has been going on for years.

He has been involved, authorities say, in a number of Ponzi schemes, one of which includes at least 16 other participants.

I wonder if Cilli's door was broken down like Wright's in California . . .

11 comments:

Anonymous said...

And how is this related to education or educational policies?

C. Cryn Johannsen said...

Uh . . . you're joking, right?

Nando said...

@ 1:28 pm,

The fact is economics, politics, law, sociology are all interrelated. Each piece affects and influences the others. Do you think that the schools are not working WITH policymakers, elected and appointed officials, and the banksters?!?!

Here is an analogy you *may* understand, 1:28: if I kick you square in the nuts, the pain will travel up your spine and affect your kidneys, abs, etc. See how everything is interconnected?!?!

Paul Small said...

@1:28pm-
Do you really need to ask that? If it involves student lending, it involves the state of education in this country. "Educational policies" are largely influenced by the student lending organizations. Incidents like this, though there is obviously more to be revealed here, further expose that this system is severely out of control. Of course, all of this affects education itself. Cryn makes a good point asking if a SWAT team was sent to Mr. Cilli's home, like one was in the other case she mentions. Where have you been??????

Anonymous said...

Yet another example showing why the Fed Gov needs to get out of the student loan business.

Steven S. Mellnick said...

My question is this: Why on earth has it taken from 2002-2006 (5-9 years) to chase this guy down on the student loan scam part? Is $600,000 not enough money to warrant a faster pursuit? A bank fraud costing $1.5 mil, and another $500k stolen from investors later on....this guy should have been on the rail to prison a lot faster.

Crying shame for the later clients that were bilked by this guy. It should have never happened.

John in Boston said...

Anon 1:28 is right - the fraud identified is on the part of Cilli, hardly a stooge for higher ed or the lending industry. The ed-industrial complex is the wrong tree up which to bark here.

JDpainterguy said...

Morality's for sale this week
The bell rings at nine-thirty
The filthy trader's leer,
with filthy faces
and in colored smocks
and the Dealer's hands are dirty.

The truth is down by half a buck
and Love is cheap...
it's just a Fuck
And Jimmy Page just traded up his truck
and so the traders jeer and mock.

Morality's for sale this week.
The Heavens are afraid
To view the human suffering
The Stock Market has made.

To view the Human suffering....
America....has made.

(May Dear God help and watch over my deeply depressed, and deeply indebted, and suicidal soul)

God Help me

C. Cryn Johannsen said...

@JDPainterGuy - are you really suicidal?

JDpainterguy said...

It comes and goes. The whole SWAT Team thing has me really paranoid and scary.

After all, I'm the one with a big price on my head.

But don't worry. I just want to catch up on my sleep now, and hope for a good day tomorrow.

And be sure to give those great big, baby blues a rest too.

We need you.

Anonymous said...

I really like the poem JD wrote, many thanks and stick to the creative writeing, your good.