$75 mln forex Ponzi scam revealed in the US

Discussion in 'Wall St. News' started by mlawson71, May 6, 2019.

  1. mlawson71

    mlawson71

    The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program.

    Five people have been charged with running the Ponzi forex trading scheme that has stinged 700 American investors since 2011.

    Scammers lured their victims with promises of above average returns with nearly zero risk - Oasis Pools promised 12% guaranteed annual returns, misleading investors that it has realized 21% returns in 2018 and 22% in 2017, without a single month in the red.
     
    Onra likes this.
  2. Peter10

    Peter10

    It is quite easy to make 12% annually from the forex market, So why the Ponzi?
     
    expiated likes this.
  3. Wait... I thought the entire American corporate world is a major Ponzi scheme. Entirely built on debt and finding the next sucker to keep the show going. The guys most in the bind? American consumers.

     
  4. ironchef

    ironchef

    Actually we consumers have our own Ponzi going. It is called Chapter 7. We borrow till we cannot, then start borrowing again after a few years. Often banks are eager to lend again: higher profit, higher interest rate.

    And then there is our Government, simpler, just start the printing press.
     
    mlawson71 and Peter10 like this.
  5. mlawson71

    mlawson71

    Why is it called Chapter 7?
     
  6. ironchef

    ironchef

    mlawson71 likes this.
  7. jys78

    jys78

    lol
     
  8. ironchef

    ironchef

    For you and @padutrader, sure, but not us amateur mom and pop retails. :(
     
    Peter10 likes this.
  9. mlawson71

    mlawson71

    ironchef likes this.
  10. ironchef

    ironchef

    You are welcome.
     
    #10     May 8, 2019