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Pennsylvania Couple Goes Full Bernie Madoff, Ponzi Schemes Millions From Multiple Fraternities

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lehigh university ponzi scheme

Pennsylvania man Albert Fisher has been sentenced to 3 years of house arrest for his role in stealing millions of dollars from Lehigh University fraternities while employed as their “fraternity manager” through his company Fraternity Management Association.

From The Morning Call:

Founded in 1967, the company collected room and board fees from Lehigh University fraternity and sorority members and managed services for their houses. When it collapsed after years of mismanagement and theft in the middle of the spring 2014 semester, students, their families and the university scrambled to find replacements.

“The fraud that you perpetrated spanned multiple years and the money you stole reached into the millions of dollars,” Leeson said. “The breach of trust those students placed in you was total and complete.”

The total loss to the fraternities, sororities, the university and the U.S. government, in the form of unpaid taxes, was nearly $2.5 million, which Fisher will also be required to repay.

Prosecutors said Fisher and his late wife, Elizabeth Fisher, stole from Fraternity Management to support an opulent lifestyle by paying themselves exorbitant salaries and using Fraternity Management’s accounts to pay credit card bills for luxury department stores, clothing, furniture and travel, including a cruise.

I don’t blame the Fishers. Ponzi schemers gonna scheme. I know this isn’t really a Ponzi scheme; it’s moreso embezzlement. But I love the term “Ponzi scheme,” so I’m going to call it a Ponzi scheme. Imagine this: you have 40 years left to live. Would you rather spend all 40 of them living the life of a commoner — peeling potatoes and eating porridge and tending to the herd — or 20 of them living like a fucking king until you get caught, then 20 more with the dope ass title “Ponzi schemer” until you die a Ponzi schemer? When you have the opportunity to Ponzi scheme, you Ponzi scheme every damn time.

Not sure how the fraternities didn’t see through this from the start; “Fraternity Management Association” is the most Ponzi scheme name ever. Oh wait, now I know how they didn’t see through it: it was probably just a rotating bunch of different idiot 19-year-old finance majors handling all that money all those years. Gotta love the fraternity system.

[via The Morning Call]

Image via Shutterstock

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Jared Borislow

Jared Borislow (né The DeVry Guy) is a Senior Writer for Grandex Inc and a 2015 graduate of the University of Wisconsin.

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