Czech: Mug shot of Charles Ponzi (March 3, 1882 – January 18, 1949). Charles Ponzi was born in… [+]
Right here it’s once more and I’ve to inform you that I get a little bit bored with reporting on these Ponzi scams and their targets in affinity teams. The Securities and Alternate Fee charged Ricardo Boniallo Rojas, 53, of Arecibo, Puerto Rico, and his firm, Shadai Yire, with operating a Ponzi scheme from August 2005 to February 2009 that focused evangelical Christians and manufacturing unit staff in Puerto Rico. In keeping with the SEC, the alleged rip-off focused about 200 traders price about $7 million. The SEC filed a criticism in the US District Court docket for Puerto Rico looking for disgorgement, monetary penalties, and injunctive aid; and a separate prison case was additionally filed towards Rojas in the identical courtroom.
NOTE: Allegations in complaints are solely allegations and defendants are presumed harmless until and till convicted in a courtroom of legislation.
As with most of those scams, the SEC claims victims have been promised 100% assured security of their investments with a sturdy 5% to 50% annual return by commodity investments.
Ummm. . 100% protected with 50% returns in commodities? Commodities?? For God's sake. Actually?
It shouldn't be that huge of a revelation at this level that Rojas allegedly stole some $700,000 and used the surplus to repay earlier traders – a basic Ponzi scheme. Rojas reportedly employed some gross sales representatives to assist him get traders. Not surprisingly, these brokers obtained a proportion of the funds collected – a pleasant, juicy fee that in all probability wasn't disclosed to the solicited folks. And as with just about all of those investor scams, the SEC alleges that Rojas concocted false financial institution statements that helped preserve traders at nighttime in regards to the true state of their investments.
As reported in an SEC press launch: http://sec.gov/information/press/2012/2012-161.htm
“Rojas focused novice traders, who have been typically evangelical Christians, and supplied a protracted historical past of profitable commodity buying and selling,” stated Eric I. Bustillo, director of the SEC's Miami regional workplace. “He was truly operating away from the pack.
For a rogue's gallery of current Ponzi scams lined in “Road Sweeper” READ:
- SEC Fees Ponzi Rip-off Actually Concerned Madness (Lunar Cycles/Gravity Believers)
- SEC Persian Jewish Affinity Fraud Case Not New Bravo TV Collection (Persian Jewish)
- SEC Alleges Social Capitalist Robbed Church Attendees Utilizing Ponzi Rip-off (African People, Christians)
- Feds Say Fugitive Day Dealer Ran Ponzi Scheme Homosexual Neighborhood (Gays)
- Tenacious D and the Battle of Christian Rock Bands' Ponzi Fraud (Evangelical Christians)
- UPDATE: God Makes the Wind, The Apostles Promote It, and James Rivera Sells It (Evangelical Christians)
- Diamond Mud: Distinguished Cuban-American Florida Jeweler Named in Affinity-Fraud Ponzi Scheme (Hispanics)
- SEC Fees Unregistered Brokers From Unregistered Agency Offered Fictitious Securities in Affinity Rip-off (Caribbean, African American)
