Report: Rich People Still Dumb

Get invited to the right parties and the world is your fraudulent oyster.

Let’s say you’re the sort of person who gets invited to the sort of Manhattan parties that the New York Post would dub swanky. And let’s say, at one of the parties, a suave gentleman approaches you with a model on his arm and starts talking about the $15 million house he’s buying, the deals he’s done as an investment banker, or his relative, Jamaican billionaire Joseph Matalon. Then. He then offers you a can’t-miss opportunity to invest in a new hotel bar/his hedge fund/whatever. What do you do?


Well, if you were one of these guys, you whipped out your check book and wrote down five figures.

“He was good at what he did. He painted the picture well. What can I say? He got me,” said Brett Steigh, 44, a restaurateur in Rolling Hills, Calif., who gave him $44,000 to invest in January 2018….

Mitchell’s most lucrative target was businessman Humberto Romero, of Yellowstone Medical Management Inc., whom authorities say he bilked out of more than $158,000 starting in 2016….

“Ian discussed many times when we were together that he had clients that invested in the millions,” Romero, 45, wrote in an affidavit. “He was very persuasive.”

Indeed. Like those two times he convinced courts that he totally wouldn’t do it again.

On Aug. 16, 2017, he was arrested for grand larceny and released on $100,000 bond. He later pleaded guilty and is awaiting sentencing.

Less than a year later, he was indicted in Manhattan on grand-larceny charges for the bar swindle.

He pleaded guilty in that case and agreed to pay full restitution in a no-jail plea deal — but while free on bail he allegedly swindled Steigh and another Manhattan investor out of more than $100,000.

Con man scammed investors over $100K at swanky Manhattan parties [N.Y. Post]