Erin Arvedlund is an Inquirer Staff Writer living in Philadelphia.
Investing in private equity used to be reserved for the wealthy. Only millionaires who were "accredited" or "qualified" to invest the big bucks had money in private equity - essentially, the One Percenters.
Wall Street, it seems, is capable of doing business with criminals - like JPMorgan Chase & Co. did with scam artist Bernie Madoff. So it is critical to do your own due diligence when giving money to a new manager.