Commodity Ponzi Scheme Ends With $15 Million In P
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Posted On: 09/10/2013 11:13:25 AM
Commodity Ponzi Scheme Ends With $15 Million In Penalties
Following a bench trial, a federal judge in the Southern District of Florida has ordered two Virginia men and a company to pay millions for operating a commodity futures trading Ponzi scheme that drew in 2,000 customers.
The decision stemed from a Commodity Futures Trading Commission action charging William Center, of Richmond, Va., and Gregory Center, of McLean, Va., with soliciting $28.4 million from investors and misappropriating $9.6 million.
Between them, the individual and corporate defendants will now pay a total of more than $15 million in disgorgement, penalties, and restitution, the CFTC said.
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