Kinda OT: Cal Volleyball Coach Part of Failed Investment Scheme?
I don't know anything about this, other than what is in the article from KGO News, but it asserts that a small group of people including "the varsity volleyball coach at UC Berkeley" ran an investment scheme that ended up losing $750M. Not surprisingly, lots of unhappy investors. I hope that the suggestion that Rich Feller was involved and possibly responsible is just incorrect.
"And we understood they'd never lost a penny, this was repeated millions and millions of times, they've never lost a penny of investors' money," said Rothman
Feel sorry for these people. Word to the wise, never believe anyone who says they can't lose a cent of your money. Strange that our volleyball coach would be involved.
Last edited by drunkoski; 08-23-2011 at 01:02 PM.
Kelly Ng is the Men's "Club Varsity" Coach....not an NCAA sport at Cal.
Originally Posted by drunkoski
It is not one of the NCAA Women's coaches that is involved.
ah i see. hope he didn't rope too many cal fans into this .
Glad It's Not Feller
Thanks for the clarification. The reference to the "varsity volleyball head coach" was rather confusing.
Dan Noyes, the ABC 7 reporter, is well known for taking every liberty he can to sensationalize his reports.
Originally Posted by Curegiver
Not defending Ng here... (I know nothing about him or the scam...), it's just that Noyes has a tendency to inflate the facts around his story to satisfy his own ego.
Sorry to hear if people got scammed. That can be heartbreaking in many ways.
That said, it was real estate speculation, in a sucky and collapsed RE market (with a few exceptions). Bad sh*t was bound to happen...straight real estate or scam.
College Coaches were attracted to this Scheme like..
moths to light. When the offer seems too good, it probably is not real. Just greed going on here. At least they had the money to gamble............
As mentioned, the Cal coach is a club sport coach (on the university payroll?). He graduated from UC Davis. It looks like the main culprit is the coach's brother, who is a Stanford graduate.
Two investment adages that I live by
1. If the investment never loses money they're doing something wrong.
2. I know I'm not investing in any ponzi schemes because my investments have lost so much money (they go up sometimes, too).
The bottom line is never put more than you can afford to lose in real estate or other investments of this type.
You don't mortgage your house and put all that money in one real estate fund. You don't put your retirement funds in real estate. duh!
-balanced portfolios are highly advised.
-all documents that investors sign say....future profits cannot be assumed from past success.
-no one got roped into anything.
-due diligence is required by all.... that does not mean asking one's friends what's hot. This was a 2008 fund ....the last 3 years saw difficult days for all kinds of investments....this is no secret.
-If one wants safe investments, put the $$ in index funds, Treasuries, gold...
-If you don't follow the above, prepare for a very nasty lesson in the real world of investing.....and suing and complaining bitterly and throwing around scandalous opinions is a waste of time.
Cal does not fund any club sport, operations costs or staff salaries.
Last edited by oskigobears; 09-15-2011 at 10:31 AM.