Word: fraud
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...against Mark S. Trimble of Edmond, Okla., and his company, Phidippides Capital Management, for running a private hedge fund alleged to be a $30 million Ponzi. Before that, Obie and his enforcement team filed an enforcement action against Charles E. Hays and his Crossfire Trading of Rosemount, Minn., charging fraud and misappropriation in connection with a $25 million Ponzi that affected 75 people...
...Stanford, and the close circle of family and friends with whom he runs his businesses, perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors," said Thomsen. "We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors...
...regional director in Fort Worth, Rose Romero, said, "We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world...
Last week, Obie uncovered two Ponzis in the $30 million range. Once considered a good size, the amount now barely raises an eyebrow. The CFTC, a sister agency to the SEC, handles commodities, futures and foreign-exchange regulation and fraud. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
...Minnesota case, the CFTC complaint charges Hays with misappropriating investor funds to purchase a $4 million yacht, among other things. Hays could not be located for comment. "Hays ran his Ponzi scheme from his yacht but was grounded when the tide turned as federal authorities exposed this egregious fraud," said Obie in a prepared statement. When asked why the Ponzi surge is so great now, Obie said, "What you're seeing is the collapse of Ponzi funds in hard economic times - but I'm afraid as times get tougher, we're going to see new fraud develop, especially foreign-currency...