Hedge Fund Manager Caught in Ponzi-Like Scheme Defrauding Investors
On June 24th, 2009, the SEC today charged Moises Pacheco of Advanced Money Management, Inc. (AMM) and Business Development & Consulting Co. (BD&C) with operating a Ponzi-like scheme through five hedge funds. The SEC complaint alleges that Pacheco, AMM, and BD&C violated the securities registration and antifraud [...]
$85 Million Forex Ponzi Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an action in federal court in San Francisco charging SNC Asset Management, Inc., (SNC Asset) and SNC Investments, Inc., (SNC Investments), both of Pleasanton, California (collectively SNC), and Chief Executive Officer Peter Son and Chief Financial Officer Jin K. [...]
Acting United States Attorney Lawrence G. Brown Eastern District of California
FOR IMMEDIATE RELEASE
CONTACT: Lauren Horwood
Friday, March 20, 2009
PHONE: 916-554-2706
www.usdoj.gov/usao/cae
usacae.edcapress@usdoj.gov
FOLSOM MAN CHARGED IN $40 MILLION PONZI SCHEME
Leader of Investment Scam Defrauded 150 Investors, Many from His Church Second Man Charged with Impersonating a Federal Agent and Attempted Extortion
SACRAMENTO, Calif.—Acting United States Attorney Lawrence G. Brown, [...]
Ponzi Schemes Included Classic Forex Frauds
I have reprinted the following releases from the CFTC website. It is obvious the CFTC has had their hands full as more and more Ponzi schemes come to light.
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Release: 5635-09
For Release: March 18, 2009
CFTC Charges North Carolina Foreign Currency Firm Barki, LLC and Its Recently Deceased Principal Bruce C. Kramer [...]
Securities and Exchange Commission Charges Ray M. White, of Mansfield Texas, With Ponzi Scheme
On March 4, U.S. District Judge Ed Kinkeade, for the Northern District of Texas, Dallas Division, appointed a receiver and froze the assets of a Mansfield, Texas resident who is alleged to have raised at least $10.9 million from over 250 investors [...]
SEC Charges Website Operator in Washington State With Running Ponzi Scheme
The Commission today filed securities fraud and other charges against Quest Holdings, Inc. and its principal, Craig T. Jolly, of Spokane, Washington, for operating an internet-based Ponzi scheme promising monthly returns of up to 19.5 percent.
According to the complaint, defendants Quest and Jolly raised approximately [...]
SEC News Digest
Issue 2009-5
January 8, 2009
Mutual Benefits’ Founding Principals and Others Charged In $1 Billion Investor Fraud and Ponzi Scheme
On January 5, 2009, the United States Attorney for the Southern District of Florida announced the Indictment of Joel Steinger, Steven Steiner, Michael McNerney and Anthony Livoti, Jr., in connection with their involvement with Mutual Benefits [...]