SEC Catches out Haitian Ponzi
Losses and Lawsuits
WASHINGTON, DC - On December 29, 2008, the US Securities and Exchange Commission (SEC) launched emergency action to halt a Ponzi (or pyramid) scheme targeting Haitian-US investors.
The regulator ended a Ponzi and affinity fraud scheme allegedly conducted by George Theodule, principle of Creative Capital. The SEC alleges the fraud squandered $18 million of new investor deposits on stocks and shares, $3.8 million on personal expenditures, and used the remainder to pay existing investors.
The SEC says the defendants raised over $23.4 million from thousands of investors across the US through a network of 'investment clubs'. Remaining assets have been placed under the control of a receiver.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
UMR efficiency: optimising systems and processes for IM compliance
UMR are among the biggest collateral management issues faced by investors in over-the-counter (OTC) derivatives. At a specially convened session sponsored by IHS Markit at Risk.net’s Buy-Side Risk Global event, panellists discussed the latest phases of…
Receive this by email