URGENT >> BULLETIN >> MOVING: German Cardona Soler, Figure Associated With International Forex Scam Pushed On TalkGold And MoneyMakerGroup, Arrested By Spanish National Police; Agency Alleges $300 Million Ponzi

BULLETIN: Spanish National Police have arrested German Cardona Soler in a case that alleges a spectacular Ponzi and fraud scheme involving more than $300 million. Two others also were arrested, and police “locked” 12 bank accounts. Although early details are unclear, it appears as though police have charged at least seven people in the alleged international caper.

Cardona Soler, also known simply as German Cardona, is referenced in U.S. court documents in the EMG/Finanzas Forex case. Federal prosecutors traced money seized in the case to the narcotics trade, according to U.S. court filings. The scheme was promoted on TalkGold, MoneyMakerGroup and other Ponzi and criminals’ forums.

Cardona also is referenced in other Ponzi cases, including the George Theodule Ponzi in Florida.

Spanish police described the alleged caper as a “mini-Madoff” scheme, saying it affected more than 100,000 people in 110 countries.

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6 Responses to “URGENT >> BULLETIN >> MOVING: German Cardona Soler, Figure Associated With International Forex Scam Pushed On TalkGold And MoneyMakerGroup, Arrested By Spanish National Police; Agency Alleges $300 Million Ponzi”

  1. Excellent news Patrick. Carmona and his side-kick Santiago Fuentes Jover, have long been a thorn in the side of those of us in Spain who hate fraud and the way that people who cannot do their due diligence in English are even further abused by the fraudsters.

    In spite of the fact that the CNMV (The Comisión Nacional del Mercado de Valores, the Spanish government agency responsible for regulating the financial securities markets in Spain) already put out a warning in 2008 that neither of these two people trading as EMG/Finanzas Forex were licensed in Spain, they continued to promote.

    Many people have lost a great deal of money with these people. They estimate that approximately 100,000 people were scammed out of over 300million dollars in 10 countries. The newspapers are calling Carmona a “mini Maddoff” and with some justification.

    His principal side kick Santiago Fuentes came to him fresh from the infamous Dubli multilevel business (the “new ebay” lol) via a fun time with the late lamented MLM Ubifone and other failed predecessors of that particular scam.

    Hopefully “Don German” and his buddies will be spending a considerable period of life behind bars

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  2. p.s. The charges so far are fraud and money laundering. Bank accounts have been seized along with properties to an estimated value of 14 million Euros
    It has been further reported by the Columbian newspaper La Republica de Columbia, the country with the greatest number of victims, that the total amount involved in the fraud could be as high as 1,600 million dollars.

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  3. Hello,
    as part of the victims, i would like to know if the victims will be given their money back, even if it is just the amount invested first.
    Is there any hope of it and if yes, how much time will it take?

    Thanks for your answers

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  4. Is there a hope for the recovery money?

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  5. @ Miguel.

    Take a look at this. There was a lawyer in Spain acting for a group of people who were defrauded by Finanzas Forex.

    http://www.estafasmlm.com/mlm-general/querella-criminal-contra-finanzas-forex-apuntate/

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  6. Hi Patrick,

    Have you heard any news about this person? For the last couple of weeks I have been receiving news about his new way of getting the money which involves registering in a social network, following a couple of steps and once again the same bizarre dark business that this criminal mind has created.

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