America’s Money Answers Man was pushing a Ponzi scheme.

[kite]

This shouldn't be a shock.  Everyone, it seems, is selling something.  And most of it is stuff you don't need.
But what does surprise me is how soon after the 2008 financial debacle, people were duped into believing in another "can't miss" investment swindle.

https://www.nytimes.com/2019/03/01/your-money/money-answers-man-jordan-goodman.html

[fattest_foot]

It's kind of weird to me that someone like this would start a ponzi scheme instead of just starting his own mutual fund, skimming 2-3% off the top like they all do, and probably coming out even further ahead than he was (said he was making $2M).

Mutual funds have no guarantee of success, so how's that any worse than what he was doing?