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Ohio Federal Court Rules against Defendants in Connection with Foreign Currency Ponzi Scheme
The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday March 21, 2014 that Judge David D. Dowd Jr. of the U.S. District Court for the Northern District of Ohio granted summary judgment and issued a Memorandum Opinion, a Judgment Entry, and a permanent injunction Order (collectively Order) against Defendants Patrick Cole of Ontario, Canada, and his company, Global Strategic Marketing, Inc. (GSM) in a CFTC enforcement action and finds that the Defendants committed fraud in connection with a multi-million dollar off-exchange foreign currency (forex) Ponzi scheme.
Cole and his company were acting as a sort of referral partner and introducing broker to known Ponzi Scheme operators Complete Developments, LLC (CDL). The release goes on to say “GSM recklessly made repeated false statements including claims about low risk of loss; guaranteed return of principal; high rates of return on investment; and purported experience of CDL’s forex trading team.”