Archive for March 30th, 2011

FLORIDA — AGAIN: James Clements and Zeina Smidi Of Plantation Ran $30 Million Ponzi Scheme, SEC Says; Firm Claimed ‘Protected Jurisdiction’ Offshore; Defendants Already Face $50 Million Judgment From Class-Action Lawsuit

FLORIDA -- AGAIN: James Clements and Zeina Smidi Of Plantation Ran $30 Million Ponzi Scheme, SEC Says; Firm Claimed 'Protected Jurisdiction' Offshore; Defendants Already Face $50 Million Judgment From Class-Action Lawsuit

Two Florida residents have been accused by the SEC of operating a $30 million Ponzi and promissory-notes scheme that purported to trade foreign currency amid claims their domestic company was morphing into an “offshore” firm that would operate in a “protected jurisdiction.” The defendants in the case already face a judgment of $50 million from […]