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South African Fraud Makes Madoff "Returns" Look Pedestrian

Forget throwing down seven or eight figures to give to the silver haired guy who promised returns of 10-15% annually; the real opportunists found South African Barry Tannenbaum. BT used his family's presence in the pharmaceutical industry as a launchpad to lure investors by promising returns of at least 15% every 12 weeks through the purchase of raw materials to be sold to drugmakers. Those lucky enough to partner with Tannenbaum when he was "making" 3%/wk through his opportunistic investing in AIDS drugs are now wondering where their collective 2 billion rand wound up going. As the roughly 400 investors look for payback, the pharma fraud takes issue with any comparison to King Ponz.

"Your attempt to compare me with Madoff isn't only odious, but is blatantly and patently incorrect without any factual foundation and sensationalist," Tannenbaum said in a July 8 e- mail.

He is right; not even Bernie played the 'helping children with AIDS in Africa' card.