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.
What to Look for in a Liquidity ProviderGo to article >>
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″;