Tag: day-trading Ponzi
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URGENT >> BULLETIN >> MOVING: SEC: Ponzi Money Collateralized Credit Line Used To Fund ‘Bridal Store, A Bounty Hunter Reality Television Show, And A Soul Food Restaurant’
“Marcum’s scheme began to unravel in mid-2013, when certain of his investors began demanding distributions. Marcum could not comply, because virtually all of his investors’ money is gone. However, Marcum has attempted to reassure his investors that their investment is secure by producing fabricated documents showing that he has purported net worth of nearly $300…
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Michigan Man Who Claimed Investment Returns Of 131 Percent Guilty In Ponzi Scheme Case; Mark Richard Hamlin’s Day-Trading Scheme Comparable To ASD’s Dangerous ’80/20′ Reinvestment Program
As Ponzi schemes go, it was far from the largest. But the case of Mark Richard Hamlin demonstrated that even smaller operators use Ponzi schemes to fuel personal spending that consumes an extraordinary percentage of investors’ funds. Hamlin’s day-trading scheme in Michigan gathered about $2 million from at least 90 investors between 2005 and 2008,…