Clawback by bestselling
author J. A. Jance brings back the heroine Ali Reynolds. The
story brings to mind issues revealed in the movie The
Big Short and the news events surrounding Bernie Madoff.
Where Jance is at her best is describing complicated issues
and breaking them down into understandable terms within a
gripping mystery.
In this latest, Ali Reynolds must solve the murder of someone
caught up in a Ponzi scheme that bankrupted hundreds of people.
Among those are her parents who lost their life retirement
savings. Because her dad wants answers he decides to confront
his long-time friend and financial advisor, only to find him
and his wife dead. In an effort to clear her father, seek
justice for those who lost their savings, and find the hidden
money, she teams up with her husband B. Simpson, the executive
of High Noon.
Jance noted that this story was highly personal. “My
husband and I had our own Ponzi guy in Seattle. He relieved
us of $500,000 of our retirement funds. That is why I put
in the dedication, ‘For all the people who gave me 500,000
reasons for writing this book. Whoever you are; you know who
you are.’ Because it was in a retirement account we
could not even claim the loss on our taxes. We will never
see any of that money again. It is sad to think that people
who are in their 70’s, had retired, and planned on having
this money for their golden years are all back at work. My
advice: ‘If it sounds too good to be true it probably
is.’”
Furthermore, Jance wants readers to understand that she and
her husband did their due diligence. “We spoke with
investment advisors from big management firms. We even checked
the audits. What evidently happened is that whenever there
was going to be an audit someone from that company would call
and warn the Ponzi guy. This allowed him to move the money
around and show everything was honky dory.”
Although the story is very entertaining, readers can also
learn something. Clawback refers to a law that assesses penalties
on victims of Ponzi schemes by having the bankruptcy courts
confiscate previous distributions. The book quote explains,
“So my parents get hit twice, first by the Ponzi scheme
itself and then by the bankruptcy trustees-insult to injury.”
Jance explains, “Proceeds from an investment that is
found to be fraudulent are confiscated and then redistributed
to all investors on a proportional basis. Since we had not
started taking any funds out, Clawback did not affect us.
But since none of the money has been found, the characters
in my book had a happier ending than those who were schemed
along with me. I wish I could have hired High Noon to trace
the money since the government is not interested in helping
find the money hidden by the bad guys.”
Jance also appears to be tech savvy. She talks of “presence
technology,” in which employees and their families of
High Noon have all their electronic devices equipped with
the latest technology. Basically allowing the company to know
where an individual is and follow their movements in real
time.
One of the most interesting characters is Cami Lee, an employee
of High Noon. Coming from a world of accomplished parents,
she was an over-achiever who was shy, a bookworm, highly technical,
and an expert in martial arts. Jance commented that she based
this character on “my two granddaughters who came from
orphanages in China. Both are very talented gymnasts. Those
girls are no bigger than a minute but are surprisingly strong
as can be.”
Clawback is a must read for anyone who wants to understand
a complicated issue that can possibly have a personal effect.
With a rich cast of characters and a compelling story that
is believable, this is a must read.
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