The US Commodity Futures Trading Commission has charged SNC Asset Management, SNC Investments, chief executive officer Peter Son, and chief financial officer Jin K. Chung with operating a USD85m fraudulent foreign currency scam involving approximately 500 customers.

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Stephen J. Obie, acting director of the CFTC's division of enforcement, says: 'This is yet another example of the insidious nature of fraudulent investment schemes that target affinity groups. Based on personal relationships, people were lured into parting with their hard-earned money, only to learn, too late, that they were the victims of a massive forex fraud.

 

Angeblich wurde nicht ein einziger $ am Devisenmarkt angelegt..

 

© Hedgeweek

The Securities and Exchange Commission today charged a Chula Vista, Calif. resident and two entities he controls for operating a Ponzi-like scheme through five hedge funds.

 

The SEC alleges that Moises Pacheco, Advanced Money Management, Inc. (AMM), and Business Development & Consulting Co. (BD&C) raised $14.7 million from more than 200 investors over a 3½-year period, acting as investment advisers to the five self-described hedge funds — AP Premium Value Funds I through IV and Capital Partnership Group.

 

According to the SEC’s complaint, Pacheco told investors that he had developed a lucrative investment strategy involving the purchase and sale of covered call options, and that the hedge funds exclusively relied upon this strategy to generate trading profits ranging from 30 percent to 48 percent per year. In reality, Pacheco did not generate the returns he claimed to have made, and instead used investor principal to pay purported returns until the scheme collapsed.

 

“Pacheco disseminated monthly statements reflecting purported profits and trading activity, but providing little detail about how those returns were generated,” said Rosalind Tyson, Director of the SEC’s Los Angeles Regional Office. “These investors were principally solicited through word-of-mouth, which serves as a reminder to beware of opaque investment opportunities that promise unusually high payoffs even if it’s a referral coming from family or friends.”

 

SEC Charges California-Based Hedge Fund Manager For Operating Ponzi-Like Scheme

Capital Blu

 

Investigators have found only a fraction of the $17million that investors poured into a Central Florida-based currency-trading scheme called Capital Blu, according to the company's court-appointed receiver.

 

Less than $500,000 in cash has been recovered so far from Capital Blu Management LLC, whose operations began unraveling last year, said Lewis B. Freeman, the receiver and a veteran fraud examiner based in Miami.

 

Capital Blu's money didn't simply evaporate; authorities allege that the company's principals spent at least some of it on striptease dancers, ritzy cars, island vacations, trips to Las Vegas and a private jet, among other things.

 

"We've seen testimony about money going to things like strip clubs and expensive cars, and we're still looking into that," Freeman said in an interview last week. "The question is, what money are we really able to recover? Getting money back from dancers and limousine companies is no simple chore."

 

 

Quelle: Did investors' $17M go for strippers, limos? © www.orlandosentinel.com