Patrick H. Rakotonanahary, 34, of Tampa, Florida, was arrested yesterday on indictment charges he bilked more than 100 investors, mostly residents of Hawaii, out of $10.2 million in a Ponzi-type investment fraud scheme. Prosecutors allege that Rakotonanahary, through his company, Cyber Market Group LLC, promised returns of 6 percent to 10 percent per week to investors. According to reports, he paid earlier investors $8.4 million in phony returns out of investment funds of later investors, in classic Ponzi-like style. The foreign exchange trading scheme began in December 2007 and ran until May 2009, according to authorities.Tuesday, March 16, 2010
Florida Man Indicted For Bilking Investors, Mostly Hawaii Residents In $10 Million Ponzi Scheme
Patrick H. Rakotonanahary, 34, of Tampa, Florida, was arrested yesterday on indictment charges he bilked more than 100 investors, mostly residents of Hawaii, out of $10.2 million in a Ponzi-type investment fraud scheme. Prosecutors allege that Rakotonanahary, through his company, Cyber Market Group LLC, promised returns of 6 percent to 10 percent per week to investors. According to reports, he paid earlier investors $8.4 million in phony returns out of investment funds of later investors, in classic Ponzi-like style. The foreign exchange trading scheme began in December 2007 and ran until May 2009, according to authorities.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment