Heres another one - he's just been sent to the Big House for 150 years. http://www.stuff.co.nz/business/worl...d-to-150-years
Printable View
Heres another one - he's just been sent to the Big House for 150 years. http://www.stuff.co.nz/business/worl...d-to-150-years
I spotted this new? broker advertising - "Xforex arrives in New Zealand'.
Not sure who they are just yet, but may be US based.
CFTC Charges James Ossie and CRE Capital Corporation with Operating a $25 Million Foreign Currency Ponzi Scheme
Georgia Man and Corporation Allegedly Ripped Off 120 Investors
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged James Ossie of Atlanta, Georgia, and his company CRE Capital Corporation (CRE) of Alpharetta, Georgia with operating a Ponzi scheme involving more than 100 people and approximately $25 million in connection with foreign currency transactions (forex). Ossie resides in Dawsonville, Georgia and is president and sole owner of CRE; neither has ever been registered with the CFTC.
According to the CFTC’s complaint, Ossie and CRE promised pool participants that they would earn a 10 percent return on their money within 30 days by trading United States and Japanese currency pairs. The complaint further alleges that since June 18, 2008, rather than making money for pool participants, Ossie and CRE lost approximately $4.4 million trading forex. Finally, the complaint alleges that Ossie and CRE operated a Ponzi scheme, in which forex trading “profits” were actually paid from the principal of subsequent pool participants.
“Investors must run the other way when approached by anyone claiming to guarantee exorbitant monthly returns, like those promised by CRE and Ossie. Such representations should raise an immediate red flag that such investment is too good to be true,” said CFTC Acting Director of Enforcement Stephen J. Obie. “We are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.”
http://www.cftc.gov/newsroom/enforce...pr5598-09.html
IG Markets opening in NZ
http://www.nzherald.co.nz/business/n...ectid=10602829
"
He thought IG's competitive advantages included the ability to provide New Zealand-dollar denominated products which removed foreign exchange risk from positions in overseas indices and commodities.
IG runs a "hybrid" model where positions taken by clients may be "synthetic" - established by matching transactions within its global client base - or where positions result in the actual purchase of securities on relevant markets."
Wall Street wake-up call: Hedge fund boss, 5 others charged in $25M-plus insider trading case
- By Larry Neumeister and Candice Choi, Associated Press Writers
- On 7:35 pm EDT, Friday October 16, 2009
NEW YORK (AP) -- One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.
More
http://finance.yahoo.com/news/Billio...94948.html?x=0
Unbelievable.
..................... the infamous John Meriwether, after driving his 2nd hedge fund into the ground early last year, [Mar 28, 2008: Founder of Long Term Capital Failing Again] has found a new round of suckers to invest with him again. For someone in my position this story is the type that creates the propensity to bang a head into a sturdy wall. Somehow a man whose "ability" required the Federal Reserve to make the first move that really set the entire precedent of "too big to fail" in 1998 by "rescuing" his hedge fund (along with the bankers!), and concurrently re-opened (and failed) a 2nd time, can walk on water and raise money with his magic wand. Details on the "original bailout" of Long Term Capital here - the amount, $3.5 Billion, that was considered "too big to fail" back then, is amusing in retrospect to what we've just done the past 18 months.
More info
http://finance.boston.com/boston/?GU...ChannelID=5895
So much for track record huh... When funds fail, there is always an external unforseen problem though, aint there? When they do well, the manager is the hero...
Jan. 14 (Bloomberg) -- Joseph Collins, Refco Inc.’s former outside lawyer, was sentenced to seven years in prison for helping Chief Executive Officer Phillip Bennett and other executives defraud investors of $2.4 billion.
http://www.bloomberg.com/apps/news?p...d=a3gTuiHWluwc