Ponzi Schemes
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September 16, 2014
The CFTC filed a complaint against Glen Galemmo of Cincinnati, Ohio, charging him with operating a multi-million dollar Ponzi scheme through his firm, QFC, LLC, from February 2010 through at least July 2013 and alleging millions of dollars in fraud. CFTCJune 19, 2014
The CFTC obtained a court Order requiring Texas resident Robert J. Andres and his company Winsome Investment Trust and California resident Robert L. Holloway and his company US Ventures LC to pay a civil penalty of $32M and restitution for defrauded customers totaling $12M for their fraud in the operation of a commodity futures pool. Specifically, the Order found that the defendants fraudulently solicited and accepted at least $50M from at least 243 individuals to invest in a commodity futures pool by falsely claiming successful track record and guaranteeing the return of participants’ principal and profits. In reality, however, their futures trading was not successful, sustaining overall net losses of approximately $10.7 million and they operated it like a Ponzi scheme and used participants' funds to pay personal and unrelated business expenses, and to pay for houses, cars, home furnishings, jewelry, lawn and maid services, and credit card bills. In parallel criminal actions, Andres and Holloway were indicted on multiple counts of wire fraud. CFTCSEC Puts Its Money Where Its Mouth Is With $14M Whistleblower Award
Posted 10/3/13
By Gordon Schnell
It has been more than two years since the SEC Whistleblower Office officially opened its doors. Born out of the Dodd-Frank Act, it was created to help usher in a new day of more aggressive enforcement at an agency that up until recently many believed was very much asleep at the switch. But with all of the fanfare surrounding the new office, and the flood of whistleblower tips that have poured...