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...SEC charges that Theodule used the funds to play the market. In total, he lost 97% of all investor funds - including $18 million last year alone. In addition, the SEC says, Theodule took $3.8 million for himself and his family. So much for trust. Theodule's lawyer, Charles Pickett Jr., did not comment on the case...
Bill Leonard, an attorney for CRE and Ossie, has said that Ossie "maintains that he acted with good faith at all times and intended to act with integrity for his clients." He said that Ossie and CRE have been "cooperating fully" with the SEC, opening all records for review...
Funny thing is, CRE and Ossie did trade in currencies - they were just lousy at it. SEC documents show that in June 2008, CRE shifted $12 million from its Atlanta fund to Deutsche Bank in London. In short order, it lost $8 million in European currency trading. (See pictures of the global financial crisis...
...SEC busted a $23.4 million affinity Ponzi scheme aimed at the Haitian-American community that was operated by George Theodule and his Creative Capital Consortium LLC and Creative Capital Concepts...
Like any good affinity fraud, Theodule allegedly tapped into the trust of his people - in this case, Haitian immigrants - and used unregistered investment clubs that fly under the SEC radar to make his scam work. The funds were said to be used for new Haitian-American business ventures in the U.S., Haiti and Sierra Leone. He even used the gambit of a fake investment-club regulatory agency he called Smart Investment Management Services LLC to add a measure of security and to tout independent verification. (See the top 10 scandals...