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Tag: CFTC

SUNDAY NEWS AND NOTES: South Carolina Ponzi Victims Included Widows, Alzheimer’s Patients, Seniors And Amputee; ‘Shocks The Conscience,’ FINRA Says

EDITOR’S NOTE: These briefs are based on information from recent Ponzi or fraud schemes. As noted yesterday and previously, the United States has formed a Financial Fraud Enforcement Task Force. Cases such as the ones below are part of the reason why. SOUTH CAROLINA AND TENNESSEE: Among the more than 30 victims in the Oren…

Jan 10, 2010
SENIORS HARMED: Judge Issues Findings In CFTC Case Against Matthew B. Pizzolato; Says Investors Lost Retirement Savings In Scheme

A Louisiania man charged criminally in an alleged Ponzi scheme and sued civilly on the same day last month lied to investors, some of whom liquidated retirement savings and annuities only to suffer massive losses by entrusting funds to Matthew B. Pizzolato, a federal judge has ruled. The case against Pizzolato is proceeding on separate…

Dec 31, 2009
Trevor Cook Allegedly ‘Refused’ To Cooperate With Ponzi Receiver; Security Guards Posted At Van Dusen Mansion In Minneapolis

A Minnesota man accused of operating a Ponzi scheme with Christian radio host Pat Kiley is not cooperating with the court-appointed receiver in the case and might have spent $30,000 on “gift cards” after the SEC and CFTC brought twin actions last month, according to the receiver. The receiver, R. J. Zayed, described efforts to…

Dec 31, 2009
Belize, Israel, Switzerland, Canada And United States Cooperate In Case That Leads To Judgment Against Florida-Based Company Posing As ‘Offshore’ Investment Firm

EDITOR’S NOTE: Members of Florida-based AdSurfDaily and a closely connected autosurf firm, AdViewGlobal, purportedly based in Uruguay, may find this story particularly eye-opening. Play the autosurf or “offshore” HYIP investment games? Buy into the hype that overseas “registration” provides “shelter?” Pose as an “expert” on the Ponzi and HYIP boards and tell your downline members…

Dec 24, 2009
BREAKING NEWS: Two-Time Convicted Felon With $3 Million Judgment Against Him Emerged From Prison And Targeted Ponzi Scheme At Chinese-Americans In Oklahoma City, CFTC Says

A man imprisoned between 1996 and 2001 after being convicted in Texas of two financial felonies emerged from the penitentiary and targeted Greater Oklahoma City’s ethnic Chinese in a Ponzi scheme, the U.S. Commodity Futures Trading Commission (CFTC) said. Kenneth W. Lee also had a $3 million civil judgment placed against him in the 1990s…

Nov 25, 2009
INCREDIBLE: Yet Another Florida Man Indicted In Alleged Ponzi Scheme; Prosecutors Say Sean Healy Of Weston Bought A Bentley And ‘Several Ferraris’

There has been nonstop news about Florida Ponzi schemes in the past 48 hours. Several indictments have been announced, the latest involving Sean Healy of Weston. Healy, 38, was charged in a 55-count indictment unsealed in Pennsylvania with multiple counts of wire fraud, mail fraud, money laundering and obstruction of justice. Prosecutors said Healy “spent…

Oct 16, 2009
BREAKING NEWS: SEC, CFTC Seek To Smash Alleged Florida-Based Ponzi Scheme With Ties To Panama; David F. Merrick Charged With Unlawfully Acting As Investment Adviser And Operating An Unregistered Foreign Investment Firm From Inside The United States

UPDATED 12:39 A.M. EDT (OCT. 16 U.S.A.) In twin actions that may send shockwaves across the offshore autosurfing “industry,” the Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have gone to court to stop an alleged Florida-based Ponzi scheme that claimed a presence in Panama. Today’s announced actions by the SEC and…

Oct 15, 2009
BREAKING NEWS: Arrests Made In Westridge Capital Management Case; FBI Alleges Massive Fraud

UPDATED 7:18 P.M. EST (U.S.A.) The FBI has made arrests in the Westridge Capital Management case. Paul Greenwood and Stephen Walsh, principals in WCM and an arm known as WG Trading of Greenwich, Conn., both were arrested. WCM is headquartered in Santa Barbara, Calif. Greenwood and Walsh were arraigned this afternoon in New York. Bail…

Feb 25, 2009
Words That Should Become The New ‘Shot Heard ‘Round The World’ Spoken By Former CFTC Enforcement Chief

By coincidence the words appear in the 13th paragraph of a Chicago Tribune story invoking investors’ sustained lack of luck and reporting on a new series of Ponzi schemes the U.S. Commodity Futures Trading Commission is investigating. The words were spoken by Gregory Mocek, former CFTC enforcement director, and are the most important words spoken…

Feb 21, 2009
Regulator Cites Uptick In Ponzi Fraud

â€œWe are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.â€ — Stephen J. Obie, CFTC “Run the other way” if someone promises you exorbitant investment returns,…

Jan 19, 2009