Tag: U.S. Attorney Donald A. Davis
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UPDATE: Jeffery Groendyke, Figure In CFTC Ponzi Case Filed Civilly In May, Pleads Guilty To Criminal Charge Of Wire Fraud After FBI Probe
UPDATE: Jeffery (also cited as “Jeffrey”) L. Groendyke, the Michigan man ordered by a federal judge earlier this month to pay nearly $1.4 million in restitution and penalties in a Forex Ponzi case brought civilly by the CFTC, now has pleaded guilty to a criminal charge of wire fraud, federal prosecutors in the Western District…
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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,…