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Tag: CFTC

Now, A ‘Fraudulent $53 Million Worldwide Off-Exchange Forex Scheme,’ CFTC Alleges; Agency Charges Australian Resident Senen Pousa, U.S. Residents Joel Friant And Michael Dillard, Along With ‘Investment Intelligence Corp.’ And ‘Elevation Group Inc.’

EDITOR’S NOTE: In a statement on the allegations against Senen Pousa, Joel Friant, Michael Dillard and their companies, the CFTC pointedly stressed that international agencies cooperated in a probe and that the alleged scammers created victims in multiple nations . . . The CFTC has gone to federal court in the Western District of Texas, alleging…

Sep 20, 2012
BULLETIN: Another Decade-Long Ponzi Scheme — This One In Missouri, CFTC Says; Grahame Rhodes Of St. Louis Accused Of Misappropriating ‘The Entire Amount Of The Participants’ Funds He Received’ And Ripping Off His Mother-In-Law

BULLETIN: (UPDATED 5:35 P.M. EDT U.S.A.) The CFTC has gone to federal court in the Eastern District of Missouri, alleging that Grahame Rhodes of St. Louis was at the helm of a decade-long, commodity-pool Ponzi scheme aimed at family and friends. Rhodes is charged with misappropriating the entire pool while “pretending to be a successful,…

Sep 19, 2012
BULLETIN: CFTC Says California Man At Helm Of Ponzi Scheme Targeted At Deaf Christians; Marc Perlman Charged With Fraud Amid Claim He Advised Investor To Sell House Quickly And Plow Proceeds Into Forex Scheme

BULLETIN: The CFTC has gone to federal court in the Southern District of New York, alleging that Marc Perlman of Rancho Cucamonga, Calif., and his firm, iGlobal Strategic Management LLC, were running a commodity-pool and Forex Ponzi scheme targeted at deaf Christians. Perlman and the company have been charged with fraud. The CFTC said the…

Aug 29, 2012
DEVELOPING STORY: CFTC Seeks Asset Freeze Amid Allegations Of Fraud Against Russell R. Wasendorf Sr. Of Peregrine Financial Group Inc.; Wasendorf Reportedly Attempted To Kill Himself Yesterday; Trevor Cook Ponzi Victims At Risk Of Getting Fleeced Twice

EDITOR’S NOTE: The PP Blog first became aware of reports about the suicide bid of Russell R. Wasendorf Sr. last night, after being contacted by a reader who was defrauded in the Trevor Cook Ponzi scheme. Wasendorf apparently sought to take his own life on the sparkling Cedar Falls, Iowa, property of Peregrine Financial Group…

Jul 10, 2012
Purported ‘Secret’ Computer Program And ‘Proprietary Computer Algorithm’ Were Launching Ground For Forex Swindle, Feds Say; George Sepero Charged Amid Allegations He Also Defrauded Elderly Widow With Serious Medical Problems Out Of Her Life Savings In Separate Scam

UPDATED OCT. 19, 2013. George Sepero has been sentenced to 100 months in federal prison. Our earlier story is below and has been edited to correct spelling. The word “proprietary” has been used again to mask a large financial swindle, federal prosecutors said. George Sepero, 39, of Glen Rock, N.J., has been indicted on charges…

Jun 28, 2012
URGENT >> BULLETIN >> MOVING: CFTC Chairman Issues Extraordinary Statement In Response To Congressional Proposal To Cut Agency Budget In Wake Of White-Collar Fraud Epidemic And Expanded Responsibilities

UPDATED 9:05 P.M. EDT (U.S.A.) The white-collar fraud epidemic has become a political football — one that actually uses a football analogy. This is a statement from Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission: “The result of the House bill is to effectively put the interests of Wall Street ahead of those…

Jun 6, 2012
RECOMMENDED READING: Keith Simmons Sentenced To 50 Years In Federal Prison For ‘Black Diamond’ Ponzi Scheme That Allegedly Sparked Second Ponzi And Offshore Tax Scam Through Entity Known As ‘Sovereign Grace Inc.’

Keith F. Simmons, whose monumentally bizarre Ponzi scheme put a North Carolina bank in harm’s way, has been sentenced to 50 years in federal prison. The Charlotte Observer was first with the story this afternoon. Simmons is 47. Among the allegations in case is that hucksters who’ve been charged both civilly and criminally conducted no…

May 23, 2012
RECOMMENDED READING: Prospective Class Action Against Accused Ponzi Schemer Ephren W. Taylor II Names Alleged Facilitators And Raises Specter Of Crime Spigot Involving ‘Self-Directed’ IRAs

EDITOR’S NOTE: As America’s fraud plague continues, some of the scammers are polluting the free market with incongruous and even bizarre schemes — even as they purport to represent the best that freedom offers. The PP Blog highly recommends that readers check out this September 2011 document from the SEC that warns about scammers targeting…

Apr 21, 2012
Forex Version Of ‘Mad Men’ Comes To Minnesota: Bo Beckman, Pat Kiley, Gerald Durand Trial Begins This Week; 3 Accused Hucksters Were Associates Of Ponzi Schemer Trevor Cook

If you’re a fan of “Mad Men,” the award-winning AMC television drama now back on the air after a 17-month absence, you’ve seen the cigarettes, the boozing and the debauchery weekly. (Perhaps not only in the show itself, but also in AMC’s promos for the series, a key element of which is the tagline “DEBAUCHERY…

Apr 16, 2012
BULLETIN: Idaho Man Allegedly Ran Forex Ponzi Scheme And Duped Investors With Fake Asset Freeze And Forged Documents Purporting To Be From CFTC Official And Judge; Brad Lee Demuzio Sued Civilly, Charged Criminally

BULLETIN: (UPDATED 4:14 P.M. EDT U.S.A. APRIL 14) The CFTC has gone to federal court in Idaho, alleging that Brad Lee Demuzio of Chubbuck was running a Forex Ponzi scheme that tanked. Unable to make payouts, Demuzio “fabricated a letter purporting to be from the CFTC and bearing the fraudulently copied signature of a CFTC officer,…

Apr 12, 2012
BULLETIN: FLORIDA — AGAIN: FTC Says ‘High-Pressure’ Telemarketers Conned Seniors In ‘Precious Metals’ Boondoggle; Federal Judge Issues Asset Freeze, Appoints Receiver

BULLETIN: A federal judge has frozen the assets of three Florida companies and their operator, after the Federal Trade Commission alleged a “precious metals” telemarketing scam aimed at senior citizens was under way and had collected nearly $9 million. Named defendants in the case were Anthony J. Columbo, Premier Precious Metals Inc., Rushmore Consulting Group Inc.…

Mar 28, 2012