The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief defendant Joanne Groover is also required to disgorge the $44,890 in ill-gotten gains she received as a result of her husband’s misconduct.
According to the court order, from June 18, 2008 to February 2, 2010, Groover fraudulently solicited about $1.4 million. Though the funds were to be used to trade forex, the defendant co-mingled the money with his personal funds. Approximately $647,500 was actually used to trade forex. Groover lost nearly all of that money in poor trades.
He misappropriated the remainder of the funds for personal expenses, on everything from health and medical care, and cable television to groceries, dining, auto repair, gasoline, and insurance, according to the order. Groover also used customer funds to buy software and trade publications, and occasionally to make payments directly to himself and his wife.
Read more about this CFTC enforcement action.
photo credit: Jeff Belmonte
Oh sorry to hear but many people (470) to be exact were victims of a Ponzi scheme in Queensland, Australia, by a forex trader who took them for $21m. The financial regulatory authority in Australia ASIC has absoulutely NO interest whatsoever in chasing this crook (now possibly resides in Indonesia), whose victims have lost homes and are bankrupt now etc etc. Many lives have been irrevocably changed by this event. But hey if you want to start up a Ponzi scheme that has no risk to the perpetrator, come on down
I blog quite often and I really appreciate your content.
The article has truly peaked my interest. I’m going to book mark
your blog and keep checking for new information about once
a week. I opted in for your Feed as well.
Hello are using WordPress for your blog platform?
I’m new to the blog world but I’m trying to get started
and set up my own. Do you require any html coding knowledge to make your own blog?
Any help would be greatly appreciated!
I don’t know if it’s just me or if perhaps everybody else experiencing problems with
your blog. It looks like some of the written text on your content
are running off the screen. Can someone else please provide feedback and let me know if
this is happening to them too? This might be a issue with
my internet browser because I’ve had this happen previously.
Appreciate it
Sure, if want to jog and listen to your iPod tunes aat the same time, the
iPad is not for you.
The higher in rankings your mobile application is, the better the chance that itt will get organic downloads, not paid.
This article is really a pleasant one it assists new the web visitors, who are
wishing in favor of blogging.
Howdy would you mind letting me know which web host you’re working with?
I’ve loaded your blog in 3 completely different browsers and I must say this blog
loads a lot faster then most. Can you suggest a good web hosting provider at a honest price?
Thank you, I appreciate it!
This post is invaluable. How can I find out more?
This website was… how do you say it? Relevant!!
Finally I have found something which helped me.
Thanks!
Have you ever thought about writing an e-book or guest
authoring on other sites? I have a blog centered on the same topics you
discuss and would love to have you share some stories/information. I know my subscribers would value your work.
If you’re even remotely interested, feel free
to shoot me an e-mail.