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Tag: Forex Ponzi schemes

Federal Judge Grants Asset Freeze In Bizarre Fraud Case That Allegedly Mixed A Forex Ponzi Scheme With A Cash-Gifing And Tax Scheme; Arizona Resident Anthony Eugene Linton Promised Software System Let Customers ‘Profit Every Time’, CFTC Charges

The assets of an Arizona man who allegedly mixed a Forex Ponzi scheme with a cash-gifting scheme and claimed his software system let clients “profit every time” from trades have been frozen by a federal judge after the CFTC filed an emergency court action. Anthony Eugene Linton of Tucson told investors that entrusting their money…

Jan 26, 2011
Patrick H. Rakotonanahary Sentenced To Prison For Forex Scheme That Defrauded Investors In Hawaii And On The U.S. Mainland; Case Was One Of The First Brought By Financial Fraud Enforcement Task Force

A Florida resident charged with defrauding investors in Hawaii and the U.S. mainland has been sentenced to 90 months in federal prison, ordered to begin serving his sentence immediately and make restitution — and advised he faces deportation to Madagascar upon his release from a U.S. prison. The case against Patrick H. Rakotonanahary, 34, of…

Jan 25, 2011
Forex Ponzi Schemers Who Targeted Deaf Investors Hit With $6.2 Million In Sanctions; ‘Billion Coupons’ Case Drew Comparisons To Defunct Noobing Autosurf

A Hawaii man and his company were hit with sanctions totaling $6.2 million in a case that alleged they targeted people with hearing impairments in a Forex Ponzi scheme. Both the SEC and the CFTC filed actions against Marvin Cooper and his Honolulu-based firm, Billion Coupons Inc. (BCI). The CFTC announced the judgment against Cooper…

Sep 3, 2010
KABOOM! Feds Release Info On ‘Alpha Trade Group’ Forex Scheme With Ties To Mexico, Panama; Records Suggest Scheme Was Collapsing Even Prior To Promos On TalkGold, MoneyMakerGroup Forums

Yet another HYIP scheme pushed on the TalkGold and MoneyMakerGroup forums has been outlined by federal prosecutors — this time in Florida. The name of the scheme was Alpha Trade Group (ATG), and web records show that the scheme was pitched on TalkGold and MoneyMakerGroup beginning on Oct. 7, 2009. Court records, meanwhile, show that…

Aug 23, 2010
BREAKING NEWS: Another Spectacular Ponzi Scheme Alleged In Florida; OLINT Operator David A. Smith Charged In Caribbean Forex Caper; Extradition To United States Expected

BULLETIN: A citizen of Jamaica has been charged by U.S. prosecutors in Orlando with operating a Forex Ponzi scheme alleged to have gathered more than $200 million from more than 6,000 investors. David A. Smith had help from unindicted co-conspirators in Florida, prosecutors charged. The office of U.S. Attorney A. Brian Albritton of the Middle…

Aug 19, 2010
BULLETIN: Church Pastor Was Running Forex Ponzi Scheme, CFTC Says; Agency Gets Emergency Asset Freeze Against Jeremiah C. Yancy

A church pastor targeted congregants in a Forex Ponzi scheme in which he misappropriated at least $462,000, the CFTC said. The pastor, Jeremiah C. Yancy, previously had been implicated by Idaho regulators in a real-estate swindle and scheme to sell unregistered securities that resulted in ruinous losses for investors, according to records. Yancy also is…

Aug 19, 2010
Peter C. Son Sentenced To 15 Years In Forex Ponzi Scheme That Targeted Korean-Americans; Courtroom Spectator Heckled Scammer, Declaring He Deserved Death For Crime

A California man accused of bilking Korean-Americans in an $80 million Forex Ponzi scheme was sentenced yesterday to 15 years in federal prison. Prior to the sentencing of Peter C. Son of Danville, a courtroom spectator yelled in Korean that “You’ve got to kill that bastard!” according to the San Francisco Chronicle. In June 2009,…

Jul 31, 2010