Where on Earth is Harry Snoek

Where on Earth is Harry Snoek reads the Toronto Star headline on Saturday, March 27, 2010. thsi is also what as many as 200 investors would like to know. The Star reports "The latest tally of those who have come forward to the Star and who are trying in Ontario courts to recoup their losses, Snoek has absconded with more than 34 million."

Another made in Canada Ponzi scheme. It seems almost every day another Ponzi scheme is revealed. The financial market meltdown raised investor concern as the media flooded the country with the latest news of financial failure and the plunging market values. The news made investors wary of making any investments and caused many others to cash in investments to avoid further loss.

Ponzi schemes can not survive when more people want to cash in their investments than new money can pay. No fraudster will tolerate negative cash flow. As long as the cash flow remains positive he can continue to operate. In many of the cases now being revealed the fraudsters operated for decades.

Snoek trade on his father's name as well as church affinity and the faith of his countrymen. The Snoeks came from the Netherlands and attended the Christian Reformed Church. Who wouldn't trust a church going fellow countryman? Many seniors did and lost all their savings.

Harry took over his father's business more than a decade ago and operated as Harry Snoek Limited Partnership. He was involved in real estate development and convinced investors to give him their money for a promissory note that promised to pay them back with modest interest. When the interest payments stopped, questions were asked and excuses provided. More promises made, but not kept. Some investors are trying to get their money back through the Ontario Courts.

Now the victims realize their money is gone and wonder where on earth is Harry Snoek.