Ponzi, The Sequel

'Shiite Madoff' Busted in Lebanon

Mini Madoffs come in many flavors: A big-shot Shiite investor, Salah Ezzedine, is being held by Lebanese authorities on suspicion of major fraud. Ezzedine, who has not been formally charged as of yet, is rumored to have promised big returns on investments from wealthy Shiites in Lebanon that he could not pay. Victims of the scheme are thought to include top members of Hezbollah. Ezzedine is the owner of a major book publisher in Lebanon and is said to have suffered major losses through the decline in the price of oil. He is suspected of investing the millions he swindled from others shortly before declaring bankruptcy.