ASIC took civil action against investment scam in 2020 and closed down the unregistered managed investment scheme operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. ASIC’s probe and action lead to the criminal charges against Marco who now faces a maximum penalty for each offence of seven years imprisonment, or…
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The CFTC further revealed that the operators of the scheme even failed to register as commodity pool operators (CPOs) and associated persons (APs) of CPOs, which is mandatory for operators of such business. The court found that the defendants are liable for solicitation fraud, multiple CFTC registration violations, and failure to comply with CPO rules.…
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Additionally, Seibert told the investors that he would find the lending opportunities, conduct due diligence to confirm that the borrower was qualified, and handle the closing and servicing of the loan. Instead using the funds for loans, Seibert pooled and used most of the money to trade commodity interests in his personal trading account and…
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SEC also stated that EIA and Middlebrooks misused new investor money in a Ponzi-like manner. They made payments to other investors in the fund in order to continue the deception that the fund was profitable. The US watchdog alleges that Middlebrooks also misappropriated investor funds for personal use, including for jewelry and credit card payments.…
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The charges the regulator brought against the defendants were for soliciting the funds for investing in digital assets and other instruments. The defendants were also charged with operating an illegal commodity pool. The scheme According to the CFTC’s complained the defendants used a website, YouTube videos, and other means to solicit the money. However, the…
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Additionally, the defendants misappropriated substantial amounts of the remaining customer funds by sending it to accounts in Alexandre’s name. He used the money to pay other customers in a Ponzi-like scheme, and for his personal expenses. He used client money to make payments to BMW, Mercedes Benz, and Saks Fifth Avenue. He also paid with…
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Spence managed to solicit over $5 million through false representations. He claimed that his crypto trading had been extremely profitable when, in fact, it had been consistently unprofitable. As a result of his claims, investors transferred additional funds to him. In over one month, He recorded net losses in the accounts in which he traded…
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The regulator said: ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries. Babbage was an authorised representative of Wealthsure Pty Ltd from February 2013 to March 2014 and of Capstone Financial Planning Pty Ltd from March 2014 to 14 October 2021. He was also…
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The CFTC found that the fraudulent actions of the defendants began in September 2020. They fraudulently solicited $7.2 million from 322 clients, promising to use the funds to trade forex and cryptocurrency in individual managed accounts. According to the regulator, Tinoco and his company, Kikit & Mess Investments did not trade their clients’ money as…
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According to the court files, Phelps and Castenir formed Maverick, which operated commodity trading pool. In 2013 the company solicited over $1.2 million in funds from investors. The defendants used false materials claiming that Phelps had an extensive history of investing successfully in commodity trading markets. The defendants also falsely assured investors that there would…
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