Ponzi scheme exposed in Bellevue

Since the day that the massive Ponzi scheme that Bernie Madoff orchestrated was uncovered, the former NASDAQ chairman has been the focus of wave after wave after news stories. But Madoff isn't the only one has been caught ripping people off - several greedy schemers are being prosecuted here for the same crime:

A federal grand jury has indicted three men, including one from Bellevue, in a $65 million Ponzi scheme involving oil and gas developments in Asia.

The U.S. Attorney's Office in Seattle says 48-year-old Robert Miracle was arrested at his Bellevue home Thursday on a 23-count indictment alleging conspiracy, mail fraud, wire fraud, money laundering and tax evasion.

Miracle and his pals claimed to be investing money in Malaysian energy companies, but in reality, they were just defrauding people.

These kind of scams could be prevented if investors were more vigilant and regulators were serious about launching investigations at the first sign of trouble. If the returns seem unreal - maybe they are.

It's okay to invest, but it's not a good idea to invest blindly. Ask questions. Do the necessary homework. For those who have the money, now is a good time to buy stocks. The market is down from historical highs and while it may be volatile for a while, today's conditions present opportunities for patient investors.

Just be careful - and quadruple check anything that sounds too good to be true.