Meizong Wealth Life

Chapter 27 Inescapable Bankruptcy
Blair had called the airline to check on flights from Bozeman Airport back to New York.

The latest flight to New York won't take off until after five o'clock tomorrow morning.

Now that Nate was still in the room talking to his mother on the phone, Blair was going to check some cities closer to Bozeman to see if there were any earlier flights back to New York.

Seeing Blair's anxious look, Chuck finally couldn't bear it anymore.

After all, Nate was his good friend too.

"I can notify the private plane to pick us up in advance."

Blair immediately shook his head and said no, which would mean that others would also have to end their vacation and follow them back to New York early.

Vanessa glanced at Dan and said:

"Actually, we should go back."

Dan ignored Jenny's reluctant expression and nodded in agreement.

Next month, an exchange group from a famous school will visit Constance as scheduled. For this, Dan must prepare carefully and strive to become the receptionist of the exchange group from a famous school.

Chuck turned to look at Rebecca, who was the only one who had yet to express her opinion.

"I--"

Just as Rebecca was about to speak, Serena suddenly turned her head to look at Jamie.

"My dear, how about we go back early? We'll come back during the Christmas vacation and then go skiing together."

Jamie nodded and agreed to his girlfriend's proposal without thinking.

He and Serena traveled originally to avoid the 911 attacks.

Now that the situation in New York has stabilized, it's time to go back.

Seeing this, Rebecca also expressed her willingness to return early.

Chuck called his father, who promised to send a plane over immediately, and then he was ready to hang up.

Chuck was already used to this. From the time he could remember, his father was always busy with business and didn't even have time to say a few words of concern for his son on the phone.

However, this time Chuck's father uncharacteristically did not do so.

Now it was Chuck's turn to be surprised.

He asked his father directly if something had happened.

Chuck's dad hesitated for a moment, and finally just told Chuck to wait until he came back.

At the end, Chuck's dad also asked if Serena would come back with everyone.

After receiving a positive reply, Chuck's father hung up the phone.

Chuck looked suspicious and asked Serena if she knew what happened to his dad.

Serena was asked inexplicably, how did she know why Dad Chuck suddenly cared about her.

Jamie looked at the two people looking at each other, thinking that after returning to New York this time, the two of them would become more like brother and sister.

That's right, Chuck's dad is getting married to Serena's mom, Lily.

Just when everyone was about to go back and pack their belongings, Nate walked into the living room with his cell phone in hand and a frustrated look on his face.

He now had a rough idea of ​​what was going on at home.

Under Blair's questioning, Nate told the truth.

The result shocked everyone: Nate's father actually owed the bank more than 2000 million.

Moreover, this money was borrowed from the bank without the knowledge of Nate and Nate's mother. In the end, the investment failed and all the money was lost.

Jamie looked at Nate with some sympathy.

"Don't tell me that your dad spent all this money on Enron stock."

This is already the fastest way he can think of to lose 2000 million.

Unexpectedly, Nate shook his head and said that Jamie only guessed half of it right.

Nate's father did use the money to buy Enron stock at first, but that was last year, when Enron's stock price was soaring.

Later, Nate's father received some rumors in advance that Enron might have problems, so he quickly closed his stock position.After that, Enron began to experience thunderstorms, and its stock price continued to plummet.

Nate's father, who was lucky enough to escape, did not return the money to the bank immediately. Instead, he handed the money over to an investment company for custody.

You can get a fixed return of [-]% every year.

Nate had just said this, and Jamie already knew what the problem was.

This incredible fixed rate of return is 100% a scam.

Even Serena couldn't help but ask Nate, did Nate's father not inquire about the other party's creditworthiness or business direction before handing over the money?

No doubt Nate's dad inquired.

Because of this, he handed over the money to the other party with great confidence.

"I think you all have heard of the famous Martin Channing. He is the most famous investor on Wall Street. Many wealthy people are proud to have investment accounts from Channing's company. His clients include famous hedge funds and charities. The organization also has investors from all over the world.”

Everyone, including Jamie, was stunned.

The first person to speak out was Vanessa.

Because she had been away from New York for more than a year and was not a student at Constance High School, she didn't know much about some situations.

"Dan, I remember you mentioned to me before that the queen of Constance High School's graduation prom this year is named Caroline Channing. What is her relationship with this Martin Channing?"

Dan had no choice but to explain:

"Martin is Caroline's father."

Vanessa continued to ask:
"So you all know Caroline, why don't you find Caroline and ask her to persuade Martin to return the money to Nate's dad?"

Dan awkwardly explained to Vanessa that Caroline was a grade above them and they didn't really know each other well in school.

Not only were they not familiar with each other, Serena and Blair also had some conflicts with Caroline.

The relationship between the two parties is very similar to that of Blair and Rebecca now.

Of course, in front of everyone, Dan would not dare to give such an example.

Fortunately, Vanessa already understood.

"What about Jamie? You remember you told me that Caroline asked him to dance at the prom, and in public—"

Vanessa's words stopped abruptly because she saw the expressions of everyone present changed.

Especially Jamie and Serena.

Jamie awkwardly explains that he and Caroline just had a dance.

During this period, Jamie also asked Caroline specifically about her father's investment company. Caroline told Jamie that her father said that the company's business was not bad this year. "

It now appears that Caroline wasn't lying.

With Nate's father taking advantage of him, it would be difficult for Martin Channing to run a good business.

Unfortunately, the 911 incident became the last straw.

After the 911/[-] outbreak, a client wanted to redeem the money entrusted to him to manage from Martin Channing, only to find that the money was gone.

The so-called high annual returns are nothing but a well-designed Ponzi scheme.

As long as there is a customer asking for their principal back, the game is over.

The famous Wall Street tycoon Martin Channing declared bankruptcy and was sentenced to jail at the speed of light by the court.

The 2000 million that Nate's dad invested was naturally wasted.

There are many people like Nate's dad who have been deceived throughout New York, including many mature Wall Street investors.

When the tide goes out, you only know who is swimming naked.

The bank that lent money to these people immediately filed a complaint against them in court.

If you don't pay back, you'll go to jail.

(End of this chapter)