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Roanoke trial has echoes of national money crisis

A former Giles County Circuit Court clerk is on trial in Roanoke accused of running a Ponzi scheme to defraud investors of millions of dollars.  As reported by The Roanoke Times, however, his attorney claims Ted James Johnson Jr. was more like a victim of the nation’s financial confusion.

Johnson’s attorney Tony Anderson described some of Johnson’s actions as a sort of precursor to the subprime mortgage crisis and promised to educate jurors on debt derivatives and other exotic investment vehicles that he termed a “pathway to destruction.”

Assistant U.S. Attorney Jennie Waering told jurors the case was not so complicated, describing it as “simple … about lies, deceit and trust.”

Posted by Peter Vieth

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