CRE Capital Ran $25M Forex Ponzi Scheme: SEC

Law360, New York (January 16, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission filed a lawsuit Thursday alleging that a foreign exchange trading program run by CRE Capital Corp. was in fact an elaborate $25 million Ponzi scheme.

The lawsuit, filed in the U.S. District Court for the Northern District of Georgia, alleges that CRE Capital and its President and CEO James G. Ossie promised investors a guaranteed 10 percent return on investment every 30 days via a strategy of trading Japanese and American currency contracts beginning in April 2008. That translates to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.