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Sunday, April 17, 2011

Hidden Plainfield: The Fall of the House of Ponzi

Homeowner ran Ponzi scheme.

Regular followers of Plainfield news may have noted in recent days the story of a Plainfield-based Ponzi scheme brought to justice.

Finally resolved two years after the state's complaint was filed, the mastermind of the scheme lived in the today's Hidden Plainfield home (with apologies to Edgar Allen Poe -- for his short story The Fall of the House of Usher, see here). The settlement required payment of more than $7.2 million to the scammed investors, plus $1 million in civil penalties to the state.

I'll not say more now, to avoid tipping my hand. All will be revealed tomorrow.

Let's just say that the proceeds of the scheme evidently were never invested in THIS house.

Whatever the proceeds of the Ponzi scheme were spent on,
it seems not to have been the house.
Do you know where this home is?

Answer tomorrow.

-- Dan Damon [follow]

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Bill Garrett said...

Looks to be the quaint Victorian house in the 1200 block of Watchung Ave. Long ago, it was the residence of Andy Griglak and family. Andy and his wife ran a lamp shop on Somerset St. across from Teppers. His Daughter's boyfriend was shot dead in a phone booth on the corner of E. Seventh St., and Scott Pl. (robbery attempt). That was probably around 1974. The Griglaks moved out after that.

Bill Garrett

Anonymous said...

Corner of Madison and Stelle? Or Old Arlington Ave?

Laura said...

I know the house well. It is on Watchung Avenue. Nary a bit of yard work ever seemed to be done.

Anonymous said...

Watchung Avenue

Michael Townley said...

Watchung Avenue, up toward Woodland.