A recent affidavit released by the FBI reveals details about the Ponzi scheme operated by Charlotte businessman Richard Siskey.

[The full story here.]

[The full affidavit here.]

Charlotte attorney Tony Scheer sat down with Channel 9 and went through the affidavit.

“Ponzi schemes are games of musical chairs,” he said. “As long as the music is playing and new investors are bringing in money, everybody’s happy. It’s when the music stops and there aren’t enough chairs that people fall down and hurt their bottoms.”

The FBI document states that Siskey spent more than $15 million on casino gambling after transferring investors’ money into his personal accounts — $1 million was sent to Seminole Hard Rock Resort and Casino.