Texas forex fraudster Ray White gets 10 years in jail
Two years after being charged with operating a Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term through his company CRW Management LP that solicited at least $10.9 million from more than 250 investors, ostensibly to perform foreign exchange trading Ray White on Tuesday was sentenced to 10 years in prison.
Ray M. White, 52, of Mansfield, pled guilty to one count of commodities fraud last June and was ordered by U.S. District Judge Ed Kinkeade to pay $9.4 million in restitution to defrauded victims.
On March 4, 2009, U.S. District Judge Ed Kinkeade, for the Northern District of Texas, Dallas Division, appointed a receiver and froze the assets of a Mansfield, Texas resident who is alleged to have raised at least $10.9 million from over 250 investors in a purportedly lucrative foreign currency trading program. Defendant Ray M. White, on behalf of his company, defendant CRW Management, L.P., claimed to have achieved returns as high as 8.1% per week for investors. In truth, the Commission's complaint alleges that White and CRW have been operating a fraudulent scheme since at least April 2007, during which White has misappropriated several million dollars of investor funds to, among other things, finance his son's car-racing career, purchase real estate, and to make Ponzi 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 earlier investors with new investor funds.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
Two years after being charged with operating a Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term through his company CRW Management LP that solicited at least $10.9 million from more than 250 investors, ostensibly to perform foreign exchange trading Ray White on Tuesday was sentenced to 10 years in prison.
Ray M. White, 52, of Mansfield, pled guilty to one count of commodities fraud last June and was ordered by U.S. District Judge Ed Kinkeade to pay $9.4 million in restitution to defrauded victims.
On March 4, 2009, U.S. District Judge Ed Kinkeade, for the Northern District of Texas, Dallas Division, appointed a receiver and froze the assets of a Mansfield, Texas resident who is alleged to have raised at least $10.9 million from over 250 investors in a purportedly lucrative foreign currency trading program. Defendant Ray M. White, on behalf of his company, defendant CRW Management, L.P., claimed to have achieved returns as high as 8.1% per week for investors. In truth, the Commission's complaint alleges that White and CRW have been operating a fraudulent scheme since at least April 2007, during which White has misappropriated several million dollars of investor funds to, among other things, finance his son's car-racing career, purchase real estate, and to make Ponzi 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 earlier investors with new investor funds.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.