Word: ponzi
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Dates: during 2000-2009
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...CFTC filed a complaint 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...
Hedge-fund and Ponzi scams continue as frauds du jour. Not counting Stanford's alleged crime, seven new hedge-fund or Ponzi scams have been busted since Jan. 1, totaling some $814 million lost by more than 2,100 investors, according to the Commodity Futures Trading Commission (CFTC). This does not include financial transgressions such as penny-stock swindles, insider trading, foreign bribery or general market manipulation...
...reason for the sudden deluge of these crimes, according to Stephen Obie, acting director of enforcement for the CFTC, is that hard economic times are stripping away fraudsters' camouflage. And, of course, Bernard Madoff's stunner, a $50 billion Ponzi that wiped away billions of dollars from thousands of duped investors around the world, has brought global attention to Ponzi capers, encouraging both whistle-blowers and just plain nervous investors to come forward, he said. (See pictures of Madoff...
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...
...complaint alleges that, beginning in 2005, Phidippides Capital operated a $34 million hedge fund with approximately 60 investors. Since at least October 2007, the CFTC says, Trimble allegedly issued "false account statements, failed to disclose the fund's actual multimillion trading losses and operated the fund as a Ponzi scheme...