Judge Hits Minn. Ponzi Mastermind With $85M Penalty

Law360, New York (January 31, 2011, 2:02 PM EST) -- A Minnesota day trader serving a nearly 10-year prison sentence for scamming investors out of over $21.5 million was hit with an additional $85 million penalty in a civil case stemming from the Ponzi scheme.

Judge Donovan W. Frank of the U.S. District Court for the District of Minnesota on Friday also slapped Charles E. Hays, who masterminded the Ponzi scheme through his company Crossfire Trading LLC, with a permanent injunction barring him from trading in commodity futures at the request of the U.S. Commodity Futures...
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