URGENT >> BULLETIN >> MOVING: In Separate Cases, Federal Judges Issue Orders To Halt Alleged Forex Fraud Schemes In Texas And Colorado; CFTC Says 1 Case Involves Bogus Miracle Robot And Bogus Utah Office, The Other Involves A Straight Ponzi Targeted At People Of Faith

EDITOR’S NOTE: Although not reflected in the headline above, one of the alleged scammers referenced in a new case below — Nicholas Trimble of Colorado — is alleged to have targeted an alleged scammer in a months-old case: Jeffery Groendyke of Michigan. Details below.)

URGENT >> BULLETIN >> MOVING: In Colorado, U.S. District Judge Philip A. Brimmer has frozen the assets of Nicholas Trimble, Capstone FX Quantitative Analysis Inc. and Beekeepers Fund Capital Management LLC amid allegations they were conducting a Forex fraud involving a purported “automated forex robot trading system” known as the “Gladiator system.”

Separately, U.S. District Judge Barbara M. G. Lynn of the Northern District of Texas has frozen the assets of Rodney Wagner, Roger Wagner and GID Group Inc. amid allegations they were running a $5.5 million Forex Ponzi scheme. The Wagners live in Grand Prairie, Texas, and are brothers.

Both the Texas and the Colorado cases were brought by the CFTC. Like many recent fraud cases, the allegations are alarming.

In the Colorado case, for instance, it is alleged that Trimble buffaloed investors by telling them his miracle system had been created by a former NASA computer programmer, was a “machine that prints money” and would create a “billion dollar fund” — and had fetched a purchase offer of $20 million.

Trimble told investors he rejected the offer “because the system was too valuable,” the CFTC said.

But that was just one series of lies, the agency said. In reality, Trimble, 29, of Denver, was spending investors’ money at Las Vegas casinos, making large cash withdrawals and giving money to his wife and a lawyer.

Meanwhile, he scammed accused Forex scammer Jeffery Groendyke of Michigan out of at least $407,000, according to court filings. (In the Groendyke case, which was filed in Michigan in May, Groendyke was accused of targeting people of faith in his scam.)

As part of Trimble’s fraud, Trimble fabricated a Utah office and told an investor that miracle programmers worked at the Utah office. When the investor wanted to see the office, Trimble arranged a “webinar” instead, the CFTC charged.

During the webinar, someone using the name of “Josh Christensen” is alleged to have “pretended to be the head technology person at Capstone’s office in Utah.”

In the Texas case, the Wagner brothers and GID Group are accused of targeting people of faith in a virtually pure Ponzi in which at least $5.5 million was collected from 99 people.

“[T]he Wagner brothers concealed and/or perpetuated their fraud by making weekly payouts of ‘returns’ knowing that in fact GID had obtained no profits through forex trading,” the CFTC charged.

Among other things, the CFTC charged, the offering materials claimed “Time is of the essence (sic) by signing this document first party agrees to wire funds within twenty four hrs so funds may be invested as soon as possible to insure maximum returns.”

The “payout schedules that each the Wagner brothers delivered to prospective customers promised at least a 200% return on their principal, to be paid over 15, 20, or 40 weeks,” the CFTC charged. “The agreement stated that ‘All amounts are based on five days of trading.’ Both Wagner brothers delivered the agreements, with attachments, to actual and prospective customers via email.”

 

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5 Responses to “URGENT >> BULLETIN >> MOVING: In Separate Cases, Federal Judges Issue Orders To Halt Alleged Forex Fraud Schemes In Texas And Colorado; CFTC Says 1 Case Involves Bogus Miracle Robot And Bogus Utah Office, The Other Involves A Straight Ponzi Targeted At People Of Faith”

  1. I guess the old maxim “Everything old is new again” applies to many things, even the world of fraud and fraudsters.

    “automated forex robot trading”, “xxxxx system”, “fetched a purchase offer of $xxx million” and “we rejected the offer because the system was too valuable” seem to be common phrases being used by a growing number of pseudo forex “traders”

    Anyone familiar with the offerings of the now nearly defunct “Oceanside Wealth” and “Oceanside Forex” ‘net scams couldn’t help being struck be an eery sense of deja vu after reading the above story.

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  2. If they were only offered $20 million it couldn’t have been much of a program, Justin not a “Broker” Jones I think said he turned down $100 million for his fake Forex trading program.

    Kids now days have no ambition I tell ya.

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  3. This scam is still being pushed by a company called Marketec Capital who is run by Murray Grovum and Josh Christensen. They are using Hantec Markets in london as their broker. Murray Grovum is good friends with Hayel Abu Hamden who is the CEO of Hantec Markets.
    Hayel Abu Hamden is allowing Murray Grovum and Josh Christensen to run their scam through Hantec brokerage. Hayel Abu Hamden is allowing Murray Grovum and Josh Christensen to place a 4 pip spread on people who use their ‘automated robot’ so that they can generate big profits through rebate. They have been churning accounts of unsuspecting forex newbies who think they have found a good safe investment.

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