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CFTC halts another forex ponzi scheme, this time by a pastor

by Michael Greenberg
    CFTC halts another forex ponzi scheme, this time by a pastor
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    Federal Court Freezes Assets of Oklahoma Man Jeremiah C. Yancy and His Company, Longbranch Group International LLC

    Yancy and Longbranch charged with operating a million dollar Forex Ponzi scheme and misappropriating customer funds.

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency court order freezing assets held by defendants Jeremiah C. Yancy (a/k/a Jeremiah C. Glaub) of Atoka, Okla. and his company, Longbranch Group International LLC (a/k/a Longbranch LLC) (Longbranch) of Houston, Texas. The court’s order also prohibits the destruction of books and records and grants the CFTC immediate access to such documents.

    The order stems from a CFTC enforcement action filed on August 18, 2010, in the U.S. District Court for the Southern District of Texas, charging Yancy and Longbranch with operating a Ponzi scheme that solicited at least 64 persons, including members of the church in which Yancy served as pastor. The complaint specifically alleges that the defendants solicited more than $1 million from at least 36 of the customers to invest in off-exchange foreign currency (forex) contracts and misappropriated at least $462,000 of customers’ funds.

    Yancy and Longbranch told prospective customers that they managed Forex Trading for non-profit organizations, including churches and orphanages, the CFTC complaint charges. Further, the complaint alleges that the defendants solicited customers through various “fund-raising entities” to trade forex and invest in their other financial schemes. The defendants allegedly made misrepresentations to prospective customers through telephone conference calls set up by the “fund-raising entities.” These entities also passed defendants’ misrepresentations to customers via email.

    The rest here. Full complaint below:

    var docstoc_docid="51196074";var docstoc_title="enfyancycomplaint08182010";var docstoc_urltitle="enfyancycomplaint08182010";
    enfyancycomplaint08182010

    Federal Court Freezes Assets of Oklahoma Man Jeremiah C. Yancy and His Company, Longbranch Group International LLC

    Yancy and Longbranch charged with operating a million dollar Forex Ponzi scheme and misappropriating customer funds.

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency court order freezing assets held by defendants Jeremiah C. Yancy (a/k/a Jeremiah C. Glaub) of Atoka, Okla. and his company, Longbranch Group International LLC (a/k/a Longbranch LLC) (Longbranch) of Houston, Texas. The court’s order also prohibits the destruction of books and records and grants the CFTC immediate access to such documents.

    The order stems from a CFTC enforcement action filed on August 18, 2010, in the U.S. District Court for the Southern District of Texas, charging Yancy and Longbranch with operating a Ponzi scheme that solicited at least 64 persons, including members of the church in which Yancy served as pastor. The complaint specifically alleges that the defendants solicited more than $1 million from at least 36 of the customers to invest in off-exchange foreign currency (forex) contracts and misappropriated at least $462,000 of customers’ funds.

    Yancy and Longbranch told prospective customers that they managed Forex Trading for non-profit organizations, including churches and orphanages, the CFTC complaint charges. Further, the complaint alleges that the defendants solicited customers through various “fund-raising entities” to trade forex and invest in their other financial schemes. The defendants allegedly made misrepresentations to prospective customers through telephone conference calls set up by the “fund-raising entities.” These entities also passed defendants’ misrepresentations to customers via email.

    The rest here. Full complaint below:

    var docstoc_docid="51196074";var docstoc_title="enfyancycomplaint08182010";var docstoc_urltitle="enfyancycomplaint08182010";
    enfyancycomplaint08182010

    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}