Michael Kelly Sr. is in a Federal facility in Chicago trying to work out a repayment program to a group of mostly seniors who invested money in a "Ponzi (pyramid)Scheme" that he allegedly operated in the U.S. years ago. None of his Mexican investments are involved in the fraud claims. However, the claims are that he used the monies received to fund his fast rising businesses in Cancun in which he took distressed properties and projects and brought them back to life. He would bring potential investors to Cancun to see the Mexican operations as an example of his business successes but they were not buying into them unles they bought some of the condos in Puerto Cancun which are being delivered. In the Ponzi scheme, people in the U.S. invested their money with him in one of his Panamanian companies and were promised a huge return on investment--usually around 9%interest paid monthly. For many years they were paid promptly sometimes more, sometimes less but paid. Whether the money they were paid with came from profits from the Mexican properties or from new "investors" and whether the money he received was invested in those properties are things of the lawsuits. People did not complain while receiving their monthly checks--and not until the checks stopped coming right after Wilma. In any case the SEC frowns on promising high rates of interest for investments and that is the core of the federal complaints. Further trial phases have been posponed while he tries to work out a repayment of the lost money to the complaintants in lieu of spending years in the Chicago facility instead of Cancun. He was allegedly arrested when he flew to Florida for heart treatment at the Mayo Clinic about a year or so ago. Warrants had been out for his arrest long before that.
well. . .I stand somewhat corrected. He IS spending some time in jail . .good!! whether anyone gets any money back. . .well. . .maybe if he's got enough clear assets that can be seized for a portion of it at least good grief. . .how fast would you FLEE if someone promised you nine percent return per month?
Tele~ Buffettphile or Parrothead might be pushing it a bit though I've had very enjoyable times in the past breaking bread and tossing a few back with those whom would consider themselves among both categories. I've probably been a Buffett fan for about twenty years now with Sirius Radios, "Margaritaville" providing a daily dose of Buffett's island rocking ballads, along with reggae and rock and roll from other bands in similar genres. Most recently caught up with Buffett and the Coral Reefers, and the extremely talented Mac McAnally in Atlantic City during the Bama Breeze Tour that was a terrific performance and party venue date at the Jersey Shore, just off the boardwalk and beach. If I had a couple of songs that sum up why I enjoy Buffett, it would probably be "Jamaica Mistaka" or "School Boy Heart" that both show a couple of different sides of the Buffett song portfolio. Blame it on Buffett, he took the road less traveled upon... :cdncat:
Dangers, my first trip to Florida back in the summer of '77 I had a couple of Buffett's 8 tracks on the trip. . .along with Lynyrd Skynyrd. Anyway, the other two couples on the road trip with my wife and me had never HEARD of Buffett and sort of blew it off. Years later they finally came to appreciate his island ballads. I understand about the "parrothead" thing. I've never gotten into what he calls the "myth". .I really enjoy his earlier stuff much better, personally. Spider John, Pirate Looks @ Forty . . . Wouldn't it be a hoot to get to see him in a small club venue like I've heard he'll sneak into every now and then. I'd like to catch him visiting Cancun and see him get up and do an acoustic set. I've been to the Margaritaville in Cancun, obviously, and the one in Orlando where the PBY is parked that he was flying when the "Jamaica Mistaka" episode occured. But my favorite for the pure ambiance is the Margaritaville in New Orleans right by the French Market on the east side of the French Quarter. It's got a GREAT French Quarter feel to it. . .not to mention it's just a couple blocks from Cafe du Monde where one can get those awesome beignets. . .those "doughnuts too hot to touch. . .but just like a fool, when those sweet goodies cool, I eat till I eat way too much"
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