Sources may say more in court than to reporters

Harold Brubaker of the Philadelphia Inquirer writes a retrospective on local Ponzi schemers.

He says the challenge of covering Ponzi schemes was getting victims to talk. But, Brubaker said, attending a sentencing hearing provided information from one victim.

Harold quotes:

“He talked a lot about his faith, his family, our community,” Deborah Steiner, who lost $285,000 to Schnable, said at the sentencing hearing. Steiner said she was comforted by the knowledge that Schnable’s two daughters attended a Christian school.

“Ron knows exactly where your vulnerable moment is and goes after it with a vengeance,” said Steiner, whose guard fell when her husband lost his job.

Today’s Tip: Go to court hearings, Harold says.

Although the alleged schemer may not be of Madoff magnitude, sit in on the court hearings to see who the victims are.

During my bankruptcy coverage days, being in the courtroom gave me access to unsecured creditors who often have the most to lose in bankruptcy cases.

For a national roundup of Ponzi schemes, check out this AP story by Curt Anderson.