Thursday, October 8, 2009

Update: California Man Sentenced To 8 Years For Ponzi Scheme

Robert D. Bame, 39, of Moreno Valley, California, was sentenced to 8 years in prison for operating a fraudulent investment Ponzi scheme that defrauded at least 100 investors out of more than $16 million. Bame, the sole proprietor of Forward Investment Group LLC, a commodities trading firm based in Santa Monica, must also pay $16 million in restitution. Bame pleaded guilty last June to money laundering and wire fraud charges. Bame provided fraudulent account statements to clients regarding the worth of their accounts when in reality he used some of the investment funds for his own purposes.

Read FraudTalk's earlier post on this story here.

Read the story here.

Read the CFTC's original complaint against Bame here.

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