Friday, January 23, 2009

Georgia Man Charged With Operating Ponzi Scheme

James G. Ossie, 49, of Alpharetta, Georgia, was charged by the SEC last week with operating a Ponzi-type investment fraud through his company, CRE Capital Corporation. The SEC action freezes Ossie's and CRE's assets. According to the SEC's complaint, Ossie's Ponzi scheme, which promised 10 - 20 percent returns every 30 days on a currency trading program, raised at least $25 million from investors. CRE had been planning a public offering to raise as much as $100 million, according to the SEC.

Read the story here and here.

Read the SEC's complaint here.

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