Currency Trader Arrested in London on Suspected Links to Ponzi Scheme
- The City of London Police suspects a linkage to a globally operating Ponzi scheme which has solicited millions from over 375 investors
An official communique by the City of London Police reveals the arrest of a currency trader. The event is connected to an ongoing investigation into a very large suspected 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. According to the information provided by the City of London Police the fraud could be worth tens of millions of pounds.
The currency trader’s identity remains confidential, but according to the announcement he is 59 year-old and was arrested in East Yorkshire. As the authorities are questioning the suspect they are looking to find evidence of false representation and Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term.
An investment scheme which is operating globally has been identified by authorities in recent months.
Reports submitted by close to 375 people, including 33 from Thailand and 17 from Australia have led authorities to link the cases to a coordinated effort. The police announcement states that a consortium invested £4 million ($6.17 million) while one individual contributed £830,000 ($1.28 million).
The initial suspicions about a Ponzi scheme type of fraud surfaced in December 2014 when the National Fraud Intelligence Bureau linked about 70 Action Fraud reports with a value of approximately £10 million, referred the case to the police.
Commenting on the announcement, Detective Inspector Nigel Howard said, "As the National Policing Lead for Fraud we are well placed to lead investigations of this nature and scale, drawing on the experience, expertise and resources within the force and the relationships we have in place with national fraud agencies and UK police forces."
"We now urge anyone who believes they have fallen victim to an investment fraud, both in the Humberside region and across the UK, to report to Action Fraud," he concluded.
An official communique by the City of London Police reveals the arrest of a currency trader. The event is connected to an ongoing investigation into a very large suspected 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. According to the information provided by the City of London Police the fraud could be worth tens of millions of pounds.
The currency trader’s identity remains confidential, but according to the announcement he is 59 year-old and was arrested in East Yorkshire. As the authorities are questioning the suspect they are looking to find evidence of false representation and Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term.
An investment scheme which is operating globally has been identified by authorities in recent months.
Reports submitted by close to 375 people, including 33 from Thailand and 17 from Australia have led authorities to link the cases to a coordinated effort. The police announcement states that a consortium invested £4 million ($6.17 million) while one individual contributed £830,000 ($1.28 million).
The initial suspicions about a Ponzi scheme type of fraud surfaced in December 2014 when the National Fraud Intelligence Bureau linked about 70 Action Fraud reports with a value of approximately £10 million, referred the case to the police.
Commenting on the announcement, Detective Inspector Nigel Howard said, "As the National Policing Lead for Fraud we are well placed to lead investigations of this nature and scale, drawing on the experience, expertise and resources within the force and the relationships we have in place with national fraud agencies and UK police forces."
"We now urge anyone who believes they have fallen victim to an investment fraud, both in the Humberside region and across the UK, to report to Action Fraud," he concluded.