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Brooklyn's Madoff/Corrupted Software

Tuesday, 28 May 2013 | 12:00 AM ET

A Brooklyn investment manager starts the longest running Ponzi scheme in history. Philip Barry runs his scam from Bay Ridge, a solid working-class neighborhood where families go back generations. Through local connections, Barry pulls more than 800 investors into a $40 million scheme offering "guaranteed returns" on investments. He tells his story exclusively to "American Greed" from prison. And in suburban Chicago, Kevin Carney says he invents a stock trading computer program which delivers an incredible 20 percent return/month and investors line up to give him their money. It's a 19 million dollar scam where investors are burned by Carney's fraud and their own unrealistic expectations.