CFTC, SEC Sue Alleged Ponzi Schemer

Law360, New York (January 8, 2009, 12:00 AM EST) -- A Philadelphia-area investment fund manager has been accused by both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission of orchestrating an estimated $50 million Ponzi scheme.

According to the complaint filed by the SEC on Wednesday in the U.S. District Court for the Eastern District of Pennsylvania, Joseph S. Forte allegedly lured as many as 80 investors to purchase a limited partnership interest in his firm, assuring them he would be putting their money into a fund that would trade in securities...
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