SEC charges NYC Forex trader who lied on track record, hid millions in losses LeapRate

June 03, 2016 BY Mike Fox

SEC charges NYC Forex trader who lied on track record, hid millions in losses

The Securities and Exchange Commission today charged a New York City-based trader with defrauding investors out of millions of dollars by misrepresenting her investment track record, the profitability of her investments, and her use of investor funds. The SEC alleges that Haena Park and her firm - referred to as "Phaetra" and/or "Argenta" - touted her supposedly…

July 19, 2015 BY Andrew Saks-McLeod

OSC warns regarding Forex HYIP scheme promising $20,000 return for $100 investment

Ontario's provincial regulator has warned that Nix Investment is not licensed to carry out business in the Canadian province. The company targets retail investors with no prior experience and promises a return of $20,000 in 5 years for a $100 deposit

April 21, 2015 BY Andrew Saks-McLeod

CFTC freezes assets of DG Wealth Management over FX ponzi scheme & client funds misappropriation

The CFTC has issued a complaint alleging that Florida resident Dorian Garcia returned nearly $2.1 million to investors in a manner akin to a Ponzi scheme and misappropriated approximately $2.5 million of investor funds

March 06, 2015 BY Maria Nikolova

Phillip Boakes gets 10-year prison sentence over FX Ponzi scheme

Phillip Boakes, who defrauded investors of more than £3.5 million, was today sentenced at Southwark Crown Court to 10 years in jail. Boakes, who ran CurrencyTrader Ltd, a company engaged in Forex spread betting, lured investments using false instruments and taking deposits without having the proper authorization. In running a typical Ponzi scheme, Boakes funded…

March 06, 2015 BY Andrew Saks-McLeod

NFA takes emergency enforcement action banning FX money manager for promising 457% return

Regulatory authorities have continued their disapproving stance with regard to FX schemes which promise very high returns, this time with the NFA banning Texan managed account provider McElhannon Group and its owner, for promising 457% return over a 13 year period

November 13, 2014 BY Andrew Saks-McLeod

Antisocial media! SEC censures FX HYIP operators who exploited investors via Facebook, YouTube, and Twitter

Two Indian FX high yield investment plan (HYIP) operators have become the subject of charges by the Securities and Investments Commission in the United States for promoting an illegal scheme via popular social media sites

October 06, 2014 BY Andrew Saks-McLeod

Russia's “Forex Mavrodi” faces 10 years in jail over money laundering

It's the end of the road for Russia's notorious Ponzi scheme operator Alexey Kalinichenko as Interpol's discovery lands him back in Russia, and firmly behind bars

September 04, 2014 BY Andrew Saks-McLeod

Canadian provincial regulator OSC warns potential investors of unregulated firm Forex Barter

Ontario's provincial financial regulator is becoming increasingly vigilant with regard to unregulated FX companies which potentially pose risks to clients

July 15, 2014 BY Andrew Saks-McLeod

Rezwealth Ponzi scuppered as OSC applies fine of almost $6 million, and sanctions all parties involved

After a year of legal proceedings, the OS has taken action against Canadian Ponzi scheme operators which bilked customers out of funds, promised unrealistically high returns, with most of the funds having been misappropriated.

February 17, 2014 BY Gerald Segal

UK Fraudster Benjamin Wilson sentenced to seven years in prison - a massive Ponzi scheme

His company SureInvestment stripped over 300 clients of more than £21 million The FCA has reported that it successfully concluded the prosecution of Benjamin Wilson – a fraudster that has managed to deceive more than 300 investors into entrusting his company SureInvestment £21.8 million. Justice is heavy – the scammer will serve seven years in…

Tag: ponzi