Ponzi scheme Archives - The Industry Spread

SEC Charges Former Woodbridge Directors of Investment With Fraud

April 18, 2019

The Securities and Exchange Commission today charged two former directors of investments at Woodbridge Group of Companies LLC for their roles in its massive Ponzi scheme. The defendants, California-based Ivan Acevedo and Dane R. Roseman, were separately arrested and charged by criminal authorities, along with Woodbridge owner Robert H. Shapiro. 

Federal Court Orders Forex Fraudster and His Companies to Pay More Than $2.2 Million for Fraudulent Solicitation and Misappropriation of Customer Funds

March 22, 2019

The Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Central District of California, Western Division, entered an order which granted the CFTC’s motion for default judgment (Order) and a judgment consistent with the Order (Judgment) against defendants Jin Choi (Choi), a citizen of the Republic of South Korea with a last known residence in Los Angeles, California, as well as his companies Apuro Holdings Ltd (Apuro) d/b/a, ApuroFX, JCI Holdings USA (JCI), and d/b/a JCI Trading Group, LLC (collectively the defendants), in connection with a fraudulent foreign currency (forex) scheme that victimized customers in the United States, Australia, Indonesia, and elsewhere.

SEC: Justin C. Jeffries Named Associate Regional Director for Enforcement in Atlanta Office

March 21, 2019

The Securities and Exchange Commission today announced that Justin C. Jeffries has been named the Associate Regional Director for enforcement in the Atlanta Regional Office.  Mr. Jeffries succeeds Aaron Lipson, who left the agency in December 2018.  In his new role, Mr. Jeffries will oversee the Atlanta office’s enforcement efforts in Georgia, North Carolina, South Carolina, Tennessee, and Alabama.

Federal Court Orders Purported Metals Dealer and His Companies to Pay More Than $8 million for Fraud and Misappropriation of Customer Funds in CFTC Action

March 8, 2019

The Commodity Futures Trading Commission (CFTC) announced today that a Florida federal court ordered Carlos Javier Ramirez (Ramirez) and his companies, Royal Leisure International, Inc. (RLI) and Gold Chasers, Inc. (GCI), to pay restitution and civil monetary penalties for fraudulently soliciting customers to purchase physical gold and misappropriating their funds.

BCSC Imposes Reciprocal Orders on Two B.C. Men

March 8, 2019

A panel of the British Columbia Securities Commission has reciprocated enforcement orders against two men who pleaded guilty to investment fraud in two separate criminal cases – one in British Columbia, the other in the U.S.