Thursday, October 8, 2009

Another California Ponzi Schemer Is Sentenced

Michael Zelener, 34, of Tarzana, California was sentenced to two years in prison and ordered to pay $2.6 million in restitution for defrauding investors in a Ponzi scheme. Zelener, who operated companies called British Capital Group and AlaronFX Inc., promised investors up to 120 percent return on currency trading deals he offered. Prosecutors alleged that more than 200 investors were duped. Zelener also went by the names Mikhail Zelener and Michael Marshall.

Read the story here and here.

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