CFTC Charges Ronald Satterfield, His Two Companies and Nicholas Bos with Operating a Multi-Million Dollar Forex Ponzi Scheme in Four States
Federal court freezes defendants’ assets and prohibits destruction of books and records.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that it charged Ronald E. Satterfield of Charleston, S.C., his South Carolina-based companies, Graham Street Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Group, LLC and Shore-2-Summit Financial, LLC, and Nicholas Bos of Ludington, Mich., with operating a foreign currency (forex) Ponzi scheme that fraudulently solicited more than $3.3 million from more than 70 individuals in South Carolina, North Carolina, Michigan and Maryland. The defendants also allegedly misappropriated a significant portion of customer funds for their personal use.
The CFTC complaint, filed under temporary seal on November 8, 2010, also names Bos’ wife, Patricia L. Bos, as a relief defendant, because she allegedly received funds as a result of the defendants’ fraudulent conduct and has no legitimate entitlement to those funds.
On November 9, 2010, the Honorable Richard M. Gergel of the U.S. District Court for the District of South Carolina entered a restraining order freezing the defendants’ assets and prohibiting the destruction of books and records. The order also requires defendants to account for assets.
Specifically, the CFTC complaint alleges that, from at least March 2006 through March 2009, defendants solicited and accepted funds from retail investors to engage in leveraged or margined forex transactions. The CFTC complaint charges that Satterfield, in his solicitations, misrepresented that he was a successful forex trader, falsely guaranteed customers monthly returns of two to four percent based on his forex trading and falsely claimed that there would be no risk to customers’ principal investment. Satterfield allegedly made material omissions of fact by failing to disclose that 1) not all of the customer funds that he, Graham Street and Shore-2-Summit collected were used to trade forex and 2) customer funds were used to pay returns to other customers and for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to Bos and other agents, as is typical of a Ponzi scheme.
The rest here.
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Federal court freezes defendants’ assets and prohibits destruction of books and records.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that it charged Ronald E. Satterfield of Charleston, S.C., his South Carolina-based companies, Graham Street Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Group, LLC and Shore-2-Summit Financial, LLC, and Nicholas Bos of Ludington, Mich., with operating a foreign currency (forex) Ponzi scheme that fraudulently solicited more than $3.3 million from more than 70 individuals in South Carolina, North Carolina, Michigan and Maryland. The defendants also allegedly misappropriated a significant portion of customer funds for their personal use.
The CFTC complaint, filed under temporary seal on November 8, 2010, also names Bos’ wife, Patricia L. Bos, as a relief defendant, because she allegedly received funds as a result of the defendants’ fraudulent conduct and has no legitimate entitlement to those funds.
On November 9, 2010, the Honorable Richard M. Gergel of the U.S. District Court for the District of South Carolina entered a restraining order freezing the defendants’ assets and prohibiting the destruction of books and records. The order also requires defendants to account for assets.
Specifically, the CFTC complaint alleges that, from at least March 2006 through March 2009, defendants solicited and accepted funds from retail investors to engage in leveraged or margined forex transactions. The CFTC complaint charges that Satterfield, in his solicitations, misrepresented that he was a successful forex trader, falsely guaranteed customers monthly returns of two to four percent based on his forex trading and falsely claimed that there would be no risk to customers’ principal investment. Satterfield allegedly made material omissions of fact by failing to disclose that 1) not all of the customer funds that he, Graham Street and Shore-2-Summit collected were used to trade forex and 2) customer funds were used to pay returns to other customers and for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to Bos and other agents, as is typical of a Ponzi scheme.
The rest here.
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