Dennis Edmonds was a stockbroker in North Carolina; Ellwood Jones, a wealth manager in California; and the firm of Foster & Dunhill peddled so-called “business protection plans” in Florida.
They all had one nefarious thing in common, according to Ohio-based investor-rights attorney John Chapman -- they all put their clients into Nikolai Battoo’s “Private International Wealth Management (PIWM)” portfolios, with the bogus claim that Battoo was a financial genius of epic proportions.
Two Peas in a Pod – PIWM’s Nikolai Battoo and Madoff
The PIWM turned out to be a massive Ponzi scheme connected to the infamous Bernard Madoff. Investors lost $20 billion in Madoff’s house-of-cards scam....