Unlucky Horseshoes

Would you think of investing with a company that makes rubber horseshoes? What if the head honcho told you that they were going to be used in the Olympics? There are indeed equestrian events in the Olympics, but how many horseshoes can those people buy? Nevertheless, enough people were convinced of the solidity of this idea that a man from Garfield was able to convince them to give him $1.7 million to help make his scheme come true.

But the man, Samuel Serritella, never made a single horseshoe, and never put a penny into the business except to rent an office. The New Jersey attorney general indicted Serritella on Thursday, charging him with securities fraud, theft, money laundering, and corporate misconduct.

These stories are always sad, but what makes this one worse is that Serritella preyed primarily on firefighters and police officers, persuading 300 people to invest with him. It's doubtful that they will ever receive full restitution - Serritella has blown at least $350,000 already. Please, everyone: Let's be careful out there.