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The Moneyist: We plundered our 401(k) to invest in a friend’s business — now we fear it’s a Ponzi scheme

Dear Moneyist,

We are in a sticky situation and need some advice on how we should proceed.

We had a friend who has had some success (and failure) in business. He was sent to federal prison for two years for signing off on falsified financial documents as an executive of a company. He claims he somewhat knew but was also sort of tricked into it, or at least was backed into a corner. Whatever…

But after his release he got himself back on his feet fairly swiftly. And when I say friend, this isn’t a casual acquaintance: My wife, 55, has been best friends with his wife since they were toddlers.

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