Robert D. Bame, 38, of Moreno Valley, California, sole proprietor of Forward Investment Group LLC, a commodities trading firm based in Santa Monica, California, was arrested yesterday on allegations that he defrauded investors and misrepresented the value of accounts and assets on hand. A separate civil suit filed in September by some of the disgruntled investors claim they were defrauded and that Bame embezzled from their accounts. The criminal complaint arose from an investigation conducted by the Commodity Futures Trading Commission. It found that Bame had provided investors with fraudulent trading statements. Specifically, the statement dated December 14, 2007 claimed assets of $77 million, but in reality they were only $4,486, according to the CFTC's complaint.
Read the story here and here.
See the FBI announcement here.
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