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Date de publication: 2 mai 2012
Auteur: Y B
Noter cette article :

La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce qu'elle accuse M. J. Charles, Jr. et sa société The Borrowing Station, (Maryland), d'un ponzi sur le Forex.

Résumé :

The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal court action charging Sidney J. Charles, Jr., formerly of Bowie, Md., and his company, The Borrowing Station, LLC (Borrowing Station), of Bowie, Md., with fraud, misappropriation, and registration violations in connection with an off-exchange leveraged foreign currency (forex) Ponzi scheme.

On April 23, 2012, the same day the complaint was filed, Judge Alexander Williams, Jr. of the U.S. District Court for the District of Maryland entered a restraining order freezing the defendants’ assets, prohibiting the destruction of books and records, and requiring Charles to appear before the court on May 4, 2012, for a preliminary injunction hearing.

The CFTC complaint alleges that from at least October 2009 through at least July 2011, Charles and Borrowing Station fraudulently solicited and accepted approximately $355,000 from at least 18 individuals to participate in a pooled investment vehicle that traded forex. In their solicitations, defendants promised substantial investment returns such as 25 percent per year or 10 percent per month, and falsely claimed that pool participant funds were guaranteed against trading losses. The complaint further alleges that Borrowing Station was unsuccessful in trading forex.

According to the complaint, defendants used pool participant funds to make purported profit payments to other participants. Charles is also charged with misappropriating pool participant funds to pay for personal expenses and to fund Borrowing Station’s operations. In total, the defendants allegedly misappropriated approximately $290,000.

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