Unlike the trim and dapper Allen Stanford, who was partial to bespoke suits, Blimline was heavyset and nearly always wore jeans, a T-shirt, and an orange baseball cap.
But in May, about a month before Stanford’s sentencing, 37-year-old Blimline stood in a federal courtroom to accept a twenty-year sentence for running his own Ponzi schemes.
Working from nondescript buildings on the Dallas North Tollway and passing himself off as a reputable businessman, Blimline had helped bring in more than 0 million from individual investors by promising them eye-popping returns from the sizzling natural gas business in Texas and Oklahoma.
Though that figure is far less than Stanford’s billion swindle, what makes Blimline’s cons so audacious—and the tale such a cautionary one—was that he raised a lot of that money while in sight of regulators, including the FBI.
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Much has been made about the Dodd-Frank legislation and other regulations intended to rein in Wall Street since the dark days of the 2008–2009 financial crisis.
But for all the noise, Blimline’s story is a painful reminder that no one is watching out for the average investor.
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