Another CEO bites the dust

Hundreds of people across the country stand to lose millions of dollars in what investigators describe as a Ponzi scheme based out of a Fresno equipment-leasing company.

And the man FBI agents believe masterminded it all — John W. Otto, a pioneer in the equipment-leasing industry — committed suicide this week in Palm Desert.

His death complicates what investigators say will be an enormous task: tracking down where all the money went, and whether others in Otto’s firm — HL Leasing — were involved.

FBI agents began looking into Otto and HL Leasing after investors complained that they had not received April interest payments on their investments with the firm. As many as 1,200 victims nationwide could lose the money they entrusted to Otto, investigators say.

“At this point, it does appear to be a Ponzi scheme,” said Steve Dupre, an FBI spokesman in Sacramento. “Right now, from our preliminary review, it appears that $138 million is the potential loss in this case.” See full story HERE

Ohio Man Claiming Financial Trouble Killed Family, Then Himself

A man who told a sheriff’s dispatcher he had money problems strangled his wife and 11-year-old son, then shot and killed himself, authorities said Wednesday.

Theodore Bayly, 39, called the dispatcher around 2 a.m., saying he had already killed his family and was going to take care of himself, Noble County Sheriff Landon Smith said.

Bayly told the dispatcher in a seven-minute call that he was having financial problems and “couldn’t afford it anymore,” Smith said. He told the dispatcher where to find the bodies and then hung up. See story HERE

And yet, another suicide due the the crisis.

This time Bernard Madoff has blood on his hands…

“Bernard Madoff, the disgraced financier accused of the biggest fraud in corporate history, was accused of having “blood on his hands” after a former soldier killed himself over the loss of his family’s life savings.

The son of William Foxton, 65, said that his father was so distraught after losing his family’s entire savings in the alleged Ponzi scheme that he shot himself with a handgun in a park in Southampton on Tuesday.” See story HERE

Man Kills Wife and Kids due to losing his job and unpaid taxes

A LOS ANGELES man killed his wife and children due to his being laid off and unpaid taxes to the IRS.

“Investigators found evidence of spiraling financial woes. Lupoe owed the Internal Revenue Service at least $15,000 and a check he wrote the agency for that amount had just bounced. He also was at least one month behind on a mortgage for his home in Wilmington, near the ports of Los Angeles and Long Beach. Jobs are scarce in the area and the real-estate market is sinking. Lupoe owed about $2,500 and a late fee, Cortez said. He also owed thousands more on a home equity line of credit.

Police found the bodies of Lupoe, his wife and five children Tuesday morning. It appears the family had been killed the evening before and Lupoe shot himself the next day, Cortez said. Lupoe and his wife Ana had both recently been fired from their jobs at Kaiser Permanente Medical Center West Los Angeles. The two technicians had understated their income on an application for childcare in a bid to get cheaper rates, Cortez said.

Lupoe faxed a bitter, two-page letter to a local TV news station the morning he killed himself, saying a hospital administrator told him he “should not even have bothered to come to work” and “should have blown (his) brains out.”

See story HERE

Another Economic Suicide

Patrick Rocca , one of the most high profile and important players in the Irish Economy had been found dead by a single gunshot wound to his head.

“His suicide, prompted by the prospect of financial ruin according to unnamed friends speaking to Irish newspapers, sent shockwaves through the beau monde of Dublin’s wealthy cocktail society, like a bell tolling the end of the heady days of Ireland’s rampant consumerism and ostentatious exuberance. ” See more HERE

Suicide, Death and The Economic Crisis.

Its seems that a Florida funds manager who is responsible for millions of dollars of investors money, has gone missing after a worrisome call to his Family. See HERE This on the heals of the man who tried to fake his death last week, and the two other high profile suicides linked to the economy in the last few weeks. The Huff Post has a round up of the lasted economic related suicides and killings HERE

A US businessman fakes his own death PLUS sales of flesh do to ecomomic condtions

More signs of “when people go bad” as an US businessman tries to fake his own death by faking his own death in a plane crash in a Florida swamp. See HERE See an update on this story  HERE

Then there is the story that you may have heard about, where a 22 year old virgin is selling her virginity via an auction which has just hit 3.7 million. See HERE

And finally truly disturbing news, that a California man traded his 14 year old daughter for money, beer and meat.
See HERE

Another Economic Suicide: US Real Estate Maverick Kills self

Are we seeing a trend here? Two days ago it was a German Billionaire who killed himself, and today its a US real estate baron who has committed suicide in Chicago. Executive Steven L. Good was found dead of an apparently self-inflicted gunshot wound Monday in his Jaguar in a forest preserve outside Chicago, said the Kane County Sheriff’s Department. See HERE

Another Economic Suicide as German Billionaire kills himself

One of Germany’s and The Worlds richest men, Adolf Merckle killed himself today due to the economic crisis. “The financial troubles of his companies, induced by the international financial crisis and the uncertainty and powerlessness to act independently which the financial problems brought about, broke the passionate family business man, and he took his own life,” his family wrote in the news release.

Its starting to feel a little bit like 1929 now ain’t it? GO HERE

Maddoff Invester kills himself in NYC

Thierry de la Villehuchet, an investment banker in France who put 1.4 billion in a Madoff scheme was found dead today in NYC of an apparent suicide. Liliane Bettencourt, the world’s richest woman and the 86-year-old daughter of L’Oreal founder Eugene Schueller are both to have invested through Mr. Villehuchet. Madoff investor found dead