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2 arrests in NY securities fraud case

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posted on Feb, 25 2009 @ 09:53 AM
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2 arrests in NY securities fraud case


www.newsday.com

NEW YORK - The FBI says the operators of a Connecticut-based firm company have been arrested in New York on securities fraud charges.

Paul Greenwood and Stephen Walsh, principals of WG Trading Company LP, were awaiting a federal court appearance in Manhattan on Wednesday.

Earlier this month, a regulatory agency for the U.S. futures industry suspended Greenwood and Walsh, accusing them of refusing to answer questions about the transfer of $350 million to another fund.

(visit the link for the full news article)




posted on Feb, 25 2009 @ 09:53 AM
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Wow, I've been saying for a while that as this crisis progresses, the American people will become more and more aware of fraud cases all across the spectrum. This time it's a commodities scheme. What will tomorrow bring?

Madoff, Stanford, and these two clowns. And the scary part is, this is only the beginning. Much more fraud will come to the surface, some out there are bigger than even Madoff's and Stanfords scheme combined. This is surely to have an effect on the markets.

www.newsday.com
(visit the link for the full news article)



posted on Feb, 25 2009 @ 10:05 AM
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Hell here's another one:

U.S. man arrested in gold-bullion Ponzi case


By Martha Graybow

NEW YORK (Reuters) - A man accused of running a multimillion-dollar Ponzi scheme in which investors were told their deposits were backed by offshore gold bullion reserves was arrested on Tuesday, nearly seven years after his operation shut down and he moved to Mexico, authorities said.

David Copeland Reed, 38, was charged with conspiracy, money laundering and wire fraud in an indictment unsealed in U.S. District Court in Manhattan, prosecutors and the FBI said.

The charges carry a prison term of up to 40 years.

Reed ran the alleged scam around a purported Internet banking operation he founded known as OSGold, according to the charges outlined in court documents. The business operated from March 2001 until June 2002, when Reed moved from North Carolina to Cancun, Mexico, taking customer funds with him, authorities said.

Millions of dollars of the investors' and depositors' money has never been returned, and no gold bullion reserves associated with OSGold have been located, authorities said.



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