Friday, 29 August 2014
Last updated 15 hours ago
Mar 16 2010 | 1:34pm ET
Another day, another ‘alleged’ Ponzi scheme is busted.
The U.S. Commodity Futures Trading Commission today announced that it has charged Patrick Rakotonanahary and Cyber Market Group, both of Punta Gorda, Florida, with operating a multi-million dollar Ponzi scheme.
The U.S. Commodity Futures Trading Commission charges that, since at least June 2008, Rakotonanahary, the president and chief executive officer of Cyber Market, induced customers—most of them from Hawaii—to purportedly loan them money to trade forex on their behalf. The CFTC complaint alleges that the defendants promised customers weekly payments of 4%-10%, knowing that they lacked the funds to make such payments.
In addition to allegedly paying old investors with new investors’ money, the defendants also misappropriated client funds for their own personal use. In addition, Rakotonanahary and Cyber Market allegedly misrepresented that they had not lost funds in seven years of trading forex and provided false statements to investors, showing a balance of more than $8 million in Cyber Market’s forex trading account when, in fact, the account contained less than 1% of that amount.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...