Sunday, August 16, 2009

Florida Man Accused Of Running $4 Million Ponzi Scheme

Paul Robert Karr of North Miami Beach, Florida, has been charged by federal authorities in Florida of operating a Ponzi scheme that has cost investors more than $4 million. According to prosecutors, Karr, formerly known as Paolo Roberto Correa, allegedly operated the investment operation between January 2002 and November 2004 and used investment funds for his own personal use. Karr's scheme involved soliciting investments for the purported purpose of trading foreign currencies in the international foreign exchange market. The fraud was revealed after a Commodity Futures Trading Commission investigation and Karr's company collapsed in November 2004.

Read the story here, here and here.

Read the DOJ announcement here.

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