$500k Ponzi Scheme exposed in Pittsburgh

An information filed today in a Pittsburgh federal court alleged that a Pittsburgh-area man orchestrated a Ponzi scheme that stole nearly $500,000 from investors.  Daniel Bull operated Venture Advisors, a company that purported to assist companies backed by venture-capitalists save on insurance and retirement plans. 

Bull told investors that he had made millions after selling three businesses, and convinced investors to entrust nearly $800,000 to him.  Bull then paid returns on their investments, totaling $281,000, to lend the scheme credibility.  Authorities allege that fifteen investors were involved in the scheme.