Archive for the ‘Michigan’ Category

Another Foreign Currency Ponzi

Monday, May 12th, 2008

The Securities and Exchange Commission (SEC) has shut down another offering supposedly earning profits from foreign currency trading.  The SEC claims that Gregory N. McKnight (McKnight) and Legisi Holdings, LLC (Legisi Holdings) raised more than $72 million from more than 3,000 investors in all fifty states and several foreign countries by promising returns of as much as 15% per month.  The SEC claims that the offering was a classic Ponzi scheme, with the defendants using amounts invested by later investors to pay earlier investors supposed distributions.  (more…)

CFTC Nabs Michigan Ponzi Operators

Wednesday, February 13th, 2008

Ty and Monette Klotz, of Mason, Michigan, orchestrated a Ponzi scheme that they described as a “private hedge fund.”    Operating through companies called Aurifex Commodities Research Co. and Aurifex Research LLCthe Klotz’s told investors that investments in Aurifex had produced average returns of 20 percent per month, that the investments were without risk, and that they were insured through Lloyd’s of London.   To keep the scheme going, Ty Klotz sent fraudulent account statements to investors.  (more…)

The Ponzi Epidemic

Saturday, January 26th, 2008

WSBT in Detroit reports:

A suburban Detroit man was in court to answer charges of running a so-called Ponzi scheme.

Fifty-two-year-old Raymond Joseph of Bloomfield Hills was arraigned Thursday on two counts of wire fraud, two counts of transportation of stolen money or property, and nine counts of monetary transactions in criminally derived property. (more…)