Dominion Investments Club - a Canadian Forez Ponzi scheme
The Ontario Securities Commission has fined two individuals $250,000 each, for operating an investment program through which they illegally distributed securities.
On Monday, the OSC announced that it has approved a settlement agreement involving Ontario residents Albert James and Ezra Douse, neither of whom has ever been registered by the commission.
James and Douse were involved in the launch of a foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term investment program in 2008, called Dominion Investments Club Inc. The club was structured so that individual investors signed 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 investment contracts and pooled their funds with the funds of others, on the understanding that the pooled funds were to be invested by third party brokers in foreign exchange transactions. The investors were to share in the resulting investment gains or losses from that activity.
The participation agreement indicated that investors would receive a monthly payout of 12.5% of their contribution in profits. In reality, the investors received cheques representing between 5% and 10% as a monthly return on their invested capital, according to the OSC.
The monthly returns did not derive from foreign currency trading profits as the company led investors to believe, but rather were funded by new money coming into the forex investment scheme from later Dominion investors.
Read the rest here.
The Ontario Securities Commission has fined two individuals $250,000 each, for operating an investment program through which they illegally distributed securities.
On Monday, the OSC announced that it has approved a settlement agreement involving Ontario residents Albert James and Ezra Douse, neither of whom has ever been registered by the commission.
James and Douse were involved in the launch of a foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term investment program in 2008, called Dominion Investments Club Inc. The club was structured so that individual investors signed 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 investment contracts and pooled their funds with the funds of others, on the understanding that the pooled funds were to be invested by third party brokers in foreign exchange transactions. The investors were to share in the resulting investment gains or losses from that activity.
The participation agreement indicated that investors would receive a monthly payout of 12.5% of their contribution in profits. In reality, the investors received cheques representing between 5% and 10% as a monthly return on their invested capital, according to the OSC.
The monthly returns did not derive from foreign currency trading profits as the company led investors to believe, but rather were funded by new money coming into the forex investment scheme from later Dominion investors.
Read the rest here.