Did George Rice Foresee Bernie Madoff?

Allen Matkins

Allen Matkins

Goldfield, Nevada exploded into Nevada's largest city in the first decade of the Twentieth Century.  It supported two stock exchanges - the Goldfield Mining Stock Exchange (which began in the Northern Saloon) and the Goldfield Stock and Exchange Board.  The town also attracted its share of speculators and confidence men, including George Graham Rice. 

Rice wrote a colorful account of his misadventures in stock promotion for Adventure Magazine.  These memoirs were published as a book entitled "My Adventures With Your Money".   Rice's book was written over a century ago and yet his description of the most dangerous type of financial swindler seems to be describing Bernie Madoff:

[He] occupies a pedestal in the community; is generally a man of excellent financial standing, a member of a stock exchange, employs large capital; appeals to thinkers or those who flatter themselves that they know the difference between a gold bar and gold brick, and seek to separate from their money all classes and conditions of men and women with accumulations large or small.

For an early decision involving New York's Martin Act, George Graham Rice, and alleged touting, see People v. Rice, 221 A.D. 443, 223 N.Y.S. 566 (1927). 

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins | Attorney Advertising

Written by:

Allen Matkins

Allen Matkins on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.