Friday, 29 August 2014
Last updated 1 hour ago
May 25 2010 | 11:43am ET
Federal regulators say they have broken up yet another multi-million dollar Ponzi scheme, this one passing itself off as a successful commodity trading adviser.
The Commodity Futures Trading Commission has charged a pair of California men with defrauding investors in their New Golden Investment Group of about $3.65 million. Promising clients—some 165 of them, primarily Spanish-speakers in the Los Angeles area—that they’d double their money investing in oil, gold, silver and other commodities, Ruben Gonzalez and Jose Naranjo allegedly pocketed much of the money, never actually buying a single contract.
According to the CFTC, Gonzalez and Naranjo fit the Ponzi schemer cliché, spending client money on such necessities as a luxury car, as well as plane tickets and their mortgages.
In addition to the CFTC charges, Gonzalez, who was already jailed on illegal immigration charges, has been hit with criminal mail and wire fraud charges.
The regulator has already won an emergency freeze of Gonzalez and Naranjo’s assets, as well as those of West Covina, Calif.-based New Golden. The CFTC is seeking the return of ill-gotten gains, restitution and civil monetary penalties.
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 ...