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CFTC charges forex fund with alleged $47 million Ponzi scheme
https://www.marketwatch.com/story/cftc-charges-forex-fund-with-alleged-47-million-ponzi-scheme-2019-04-22?mod=francine-mckennaCFTC charges forex fund with alleged $47 million Ponzi scheme
Published: Apr 22, 2019 2:04 p.m. ET
By Francine McKenna
Reporter
The Commodity Futures Trading Commission filed charges on Monday against Florida-based Oasis International Group, Limited, Oasis Management, LLC, Satellite Holdings Company, and principals Michael J. DaCorta, Joseph S. Anile, II, Raymond P. Montie, III, Francisco "Frank" L. Duran, and John J. Haas with allegedly misappropriating more than $47 million from investors for investment in two commodity pools-Oasis Global FX, Limited and Oasis Global FX, SA-that would purportedly trade in retail foreign exchange. The defendants raised nearly $75 million and used more than $47 million to send funds back early investors and for personal spending on exotic vacations, sports tickets, pet supplies, loans to family members, and college and study abroad tuition. The defendants allegedly concealed their fraud by issuing false account statements to the pool participants.
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