Your Tax $ Hard At Work....
http://www.cftc.gov/PressRoom/PressR...pr5805-10.html
"Charleston, South Carolina-based Defendants Ordered to Pay More than $3.9 Million in Restitution and Civil Penalties to Resolve 2008 CFTC Anti-Fraud Action"
"The order finds that, from at least October 2002 through January 2007, the defendants fraudulently solicited and accepted more than $1 million from at least 20 individuals to participate in purported commodity pools. The defendants fraudulently misrepresented Peninger’s prior trading success, guaranteed profitable returns and claimed that Peninger’s trading system eliminated the risks of trading commodity futures, according to the order. In addition, the defendants misappropriated pool participants’ funds to pay back pool participants and fund their personal expenses and other business ventures. To conceal their fraud, defendants issued false account statements showing profitable returns and provided false verbal assurances to participants that they were making money, the order further finds."
...looks like a page right out of Madoff.
http://www.cftc.gov/PressRoom/PressR...pr5805-10.html
"Charleston, South Carolina-based Defendants Ordered to Pay More than $3.9 Million in Restitution and Civil Penalties to Resolve 2008 CFTC Anti-Fraud Action"
"The order finds that, from at least October 2002 through January 2007, the defendants fraudulently solicited and accepted more than $1 million from at least 20 individuals to participate in purported commodity pools. The defendants fraudulently misrepresented Peninger’s prior trading success, guaranteed profitable returns and claimed that Peninger’s trading system eliminated the risks of trading commodity futures, according to the order. In addition, the defendants misappropriated pool participants’ funds to pay back pool participants and fund their personal expenses and other business ventures. To conceal their fraud, defendants issued false account statements showing profitable returns and provided false verbal assurances to participants that they were making money, the order further finds."
...looks like a page right out of Madoff.
"If The Fool persists in his Folly he will become wise." - William Blake