UPDATE: Jeffery L. Groendyke, Michigan Man Accused In Forex Ponzi Scheme, Ordered To Pay Nearly $1.4 Million In Restitution And Penalties
Jeffery L. Groendyke, the Michigan man accused by the CFTC in May of targeting people of faith and others in a Forex Ponzi scheme, has been ordered to pay $963,141 in restitution and a $420,000 civil penalty.
U.S. District Judge Robert J. Jonker issued the order against Groendyke by consent, finding that he fraudulently solicited $1,009,844 from 42 individuals, lost some of it trading and making Ponzi payments and sent $501,510 to an entity known as Capstone FX.
The CFTC last month charged Captone and its operator Nicholas Trimble with fraud, amid allegations Trimble spent investors’ money in Las Vegas casinos, fabricated an office in Utah (and a miraculous trading platform) — and told other lies to separate people from their money.
Groendyke’s scheme caused an apparent Groendyke supporter to visit the PP Blog in the spring and claim “I can’t wait to laugh at the CFTC.”
The same poster demanded, “Do some homework bitch.”
For the breakdown on how investor funds were dissipated in the Groendyke scheme and how investors were hoodwinked by false statements, read the judicial order against Groendyke.