Forex Magnates: And yet another Forex Ponzi scheme! This time targeting Korean-Americans

I have repeatedly tried to warn naive (and sometimes even the most sophisticated) investors inconceivable that people who promise to return, but declined to give details of the purchase price are scam artists. If you are not a clear description / brochure / sheet terms, what products are reversed, if the assets are held in custody and is monitoring the implementation (eg, KPMG, E & Y, etc) – have many probability that you were a fraudster looking over your hard-earned money part.

Transparency is the key investment scenario. We had a teacher in Texas and asset manager in Florida in the operation of a Ponzi scheme, but this time the fraud was attacked Bill: It has been used to defraud Americans in Korea. Full Version: CFTC charges in California-based SNC Asset Management, Inc., SNC Investments Inc. CEO and CFO Peter Sohn Jin Chung K. 85 million U.S. dollars in forex scam Ponzi defendant Korean community focused on San Francisco Bay Washington, DC The U. commodity S. Futures Trading Commission (CFTC) announced today that it filed a lawsuit in federal court in San Francisco charging SNC Asset Management, Inc. (CNS active) and SNC Investments, Inc. (SNC Investments), two of Pleasanton, Calif. ( collectively, SNC) and Chief Executive Officer, Chief Financial Officer Peter K. Sonand Jin Chung, with operations in exchange for a fraudulent foreign 85 million U.S. dollars (Forex) fraud with about 500 clients.

The CFTC wants a temporary emergency order freezing assets and preserving the records of the defendants, the CFTC complaint, filed today, charges the defendants to pay client funds misappropriated “with other clients and pay personal expenses and business. The defendants are also fraudulent calls and issuing false information to customers to pay their mismanagement of funds and lack of trade to hide.

How it is alleged, the accused disappeared suddenly closed operations and of the Son and Chung . Stephen J. Obie, acting director of the Division of Enforcement of the CFTC, said: “This is another example of the insidious nature of fraudulent investment schemes, attracted by the reference groups. On the basis of personal relationships, people in the release of their hard earned money, only to discover too late that they were victims of a massive fraud on the currency.

The CFTC is on guard to act quickly to stop these systems as soon as discovered, and bring these criminals to justice. “Apparently, at least since 2000, the defendants fraudulently requested members of the Korean community in the Bay of San Francisco, where he lived the son of the accused and Chung.

The falsely accused of being successful Forex traders, boasts an annual statement of the alleged path 50 percent and guarantee monthly returns of 2 percent to 3 percent. SNC Solicitation Materials boasted that one of the leading Forex companies in the industry was. Each month, the defendants supposedly provide bank statements showing stable returns promised, and to win again and again new funds.

During the last year of the conclusion of the defendants took in nearly U.S. $ 22 million in new funds with millions soon, before it shuts down. Defendants have committed, but seemed slightly in trading on behalf of clients. What little he did in fact trade was unprofitable. Instead, the defendants misused the funds to pay there and principal payments to clients for personal expenses including mortgage payments on the luxury home son money for the relief of those charged funnel, and the capitalization of investments CNS must be.

The complaint CFTC also charges SNC Investments, Futures Commission Merchant registered with the CFTC, with injury to the net capital requirements and retention of the notification of its capitalization. Relief Defendant Ann Lee, wife of the son of Peter called The CFTC complaint call Ann Lee as a relief defendant because he allegedly received an average monthly salary, but not performed services for CNS.

Ann Lee is the wife of his son. In addition to the emergency trying to preserve the asset freeze, repatriation of funds, records and the suspension of fraudulent activity, the CFTC wants property repairs disgorgement, civil money penalties and permanent injunctions for violations of the new federal laws, and against other trafficking.

Son of yesterday appeared before a federal court in Oakland, California on federal criminal charges. In a separate action today, the SU Securities and Exchange Commission also filed charges against the accused. the CFTC Division of the implementation by the Commission U.S. Securities and Exchange, the Federal Bureau of Investigation, the U.S. Attorney ’s Office for the Northern District of California, the National Futures Association, the Danish Financial Supervisory Authority (Finanstilsynet) and the Swedish Financial Supervisory Authority (Finansinspektionen) for their support. The following CFTC Control Division staff are responsible for this case: Gretchen L. Lowe, Luke Marsh, Olarinde Toye, Kara Mucha, Michelle and Bougas. magnates Forex – Home Of The Elite Forex