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Tag: Forex scheme

MIND-BOGGLER: Forex Scammer Who Never Traded Forex Charged In $35 Million Ponzi Scheme; CFTC’s Real-Life Complaint Against Keith F. Simmons And Co-Defendants Reads Like Bizarre Fiction

And people actually are questioning President Obama’s November 2009 decision to create the interagency Financial Fraud Enforcement Task Force when things such as this are going on? An unregistered North Carolina company that churned tens of millions of dollars in a long-running shell game and described itself as a Forex dealer was operated by a…

Feb 17, 2011
BULLETIN: CFTC Busts 2 Alleged Ponzi Schemes; Patrick H. Rakotonanahary Arrested By FBI In Florida After Financial Fraud Enforcement Task Force Probe

A Florida man has been arrested by the FBI on 21 counts of wire fraud amid allegations he operated a forex Ponzi scheme, collecting more than $10.2 million and pocketing $1 million for himself. The announcement of the arrest of Patrick H. Rakotonanahary, 34, ofÂ Punta Gorda, Fla., was made in Hawaii after a joint…

Mar 16, 2010
BULLETIN: CFTC Shuts Down Alleged Ponzi Scheme That Pitched Itself On YouTube; Ronald W. Smith Jr. Charged With Operating Forex Fraud; Judge Orders Video To Be Preserved

In a case that may spread a chill among fraudsters who use YouTube to promote bogus money-making schemes, the Commodity Futures Trading Commission (CFTC) has charged a Virginia man with fraud. Ronald W. Smith Jr. of Vansant used a YouTube video to promote a Forex Ponzi scheme that gathered more than $800,000 from 34 investors,…

Feb 26, 2010