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Currency Trader Arrested, Accused Of Running "Global" Ponzi Scheme
Thanks to a dangerous combination of willful ignorance and sheer incompetence, regulators are (and will continue to be) years behind when it comes to cracking down on an HFT industry that has corrupted the “market” beyond all recognition and we all know that when it comes to things like leveraging a systemically important financial institution 40-1 or colluding to rig the world’s benchmark rates on which trillions in debt is based, no one ever goes to jail. And of course no central planners in Japan or the US will ever be brought up on charges of running the largest ponzi schemes the world has ever seen.
Having said all of that — and as the CFTC proved with flash crashing “mastermind” Navinder Sarao — every so often individuals have to take one for the global ponzi perpetuating white collar crime team just to prove the authorities are not entirely asleep at the wheel and today’s example is apparently a 57-year old former currency trader from London who, according to police, was running a £30 million ponzi scheme. Here’s more via CityWire:
The City of London Police has arrested a currency trader who was linked in a global Ponzi scheme worth in excess of £30 million.
A 59 year old was arrested in East Yorkshire by detectives on suspicion of fraud by false representation and money laundering.
The investment scheme attracted 375 complaints across the world from investors. One consortium of investors put £4 million into the scheme.
The investigation into the fraud began in December 2014. The National Fraud Intelligence Bureau linked 70 Action Fraud reports with a value of £10 million. This prompted an investigation by Humberside Police.
And from Bloomberg:
City of London Police arrests currency trader as part of ongoing investigation into a suspected Ponzi fraud worth ‘tens of millions of pounds.’
We’re anxious to discover which, if any, systemtically important financial institutions were complicit (either knowingly or by turning a blind eye) in facilitating this "global" fraud.
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Whilst those operating a multi-trillion dollar global ponzi contine to walk the streets.
Cool.. stepping on an ant when the problem is a nation-wide swarm of locusts.
Yep... Governments hate competition like that.
Confirmed he had zero donations to the Clinton slush fund.
They couldn't find any donations to Jeb either.
Turns out he didn't have a leg to stand on.
COME ON GUYS... Its Only Keynesian Virtual Paper Fiats Currency Were Talkin Here...
It would seem that the one mistake this guy made was not adding four or five zeroes to the size of his operation.
Well, this story certainly isn't lacking in details, is it?
Yeah, like what the fuck is the guys name that they arrested....
The "City of London" police arrested him? Yup, taking out the competition and distracting from the City of London's crimes.
soros?
Are we getting Onion'd this morning?
Now, get out der and take one fer dey ole gipper!
'Too big to fail'
30 million? What a piker. Try 300 TRILLION. Courtesy of the Ponzi traders of ALL ponzi traders.....the Federal Reserve.
please let us know when the head of the FED, ECB, IMF, BOJ, BIS and world banks are arrested for running a global ponzi scheme.
Free John Corzine!
Bullish!
wasn't me!
It is now.
You look awfully similar to the guy in the picture of the headline short...
Quick! Do you have some money in your pocket better make a donation to the Clinton Foundation of Above the Law Donatees...
You look guilty
Quit being a panzy!
Somehow $30 millions seems a bit small to be considered a GLOBAL Ponzi scheme.
Yeah, that's what the IMF blows monthly to keep their staff out of jail for rape.
That's funny you say that because I thought thats what Goldman Sachs spends weekly on hookers, blow and probably young boys.
As Glen Quagmire says, "don't rape it back, rape it forward!"
Did they arrest the Queen of England, or was it a Rothschild?
Is it a Ponzi scheme when a bunch of people invest a bunch of money and then it collapses because there really is no value?
These dates look familiar?
Wall Street Crash of 1929 24-Oct-29 Recession of 1937–38 1937 Kennedy Slide of 1962 28-May-62 Brazilian Markets Crash of 1971 Jul-71 1973–74 stock market crash Jan-73 Souk Al-Manakh stock market crash Aug-82 Black Monday 19-Oct-87 Rio de Janeiro Stock Exchange Crash Jun-89 Friday the 13th mini-crash 13-Oct-89 Early 1990s recession Jul-90 Japanese asset price bubble 1991 Black Wednesday 16-Sep-92 1997 Asian financial crisis 2-Jul-97 October 27, 1997 mini-crash 27-Oct-97 1998 Russian financial crisis 17-Aug-98 Dot-com bubble 10-Mar-00 Economic effects arising from the September 11 attacks 11-Sep-01 Stock market downturn of 2002 9-Oct-02 Chinese stock bubble of 2007 27-Feb-07 United States bear market of 2007–09 11-Oct-07 Financial crisis of 2007–08 16-Sep-08 2009 Dubai debt standstill 27-Nov-09 European sovereign debt crisis 27-Apr-10 2010 Flash Crash 6-May-10 August 2011 stock markets fall 1-Aug-11It's the same story ALL the time.
Conman says to strangers, I can make yuou a fortune on the markets
Strangers say, that's great, here's my money
Conman says, don't worry about the paperwork, leave that all to me.
Strangers say, fine.
What a fucking joke.
We Yertled some folks.
the city of london PROTECTS HUGE ponzi & fraud schemes. drug and weapons running, money laundering, rate fixing, tax evasion, looting. hsbc, barclays, et al, criminal-(and fascist) organizations all. tbtf is one big ganster ridden socialist financed ponzi bitchez.
One man?
Well one man, and courage, make a majority so, perhaps?
Yup. And he doesn't even work for HSBC.
Global Ponzi Scheme? Which one?
That is the name. He actually called his system 'Global Ponzi Scheme' and that led to his early downfall.
Oh look they caught a fish swimming in a Shark tank...
Pathetic...
Next up Martha Stewart pays her credit card late...
Corzine stole billions, this guy stole millions.
Always make sure the campaign donations are payed in full. Pay before you play.
Most likely arrested on an anonymous tip from "Basement Boy Spoofer", trying to cut a deal.
30 million is enough to pay JPM's lawyers for services rendered before today's lunch hour.
i bet it is another indian. those damn indians have cornered the financial market. they run everything.
Small fish doing exactly what the banks are doing.
It's a bad sign when the Law starts making a big deal out of shooting minnows. They're setting up patsies for something big which is yet to come down, usually. I keep hearing these foreboding predictions for September. I'm skeptical of cryptic omens of doom, but everybody seems to be acting as if there is something bad coming soon.
It's to keep us all distracted from the REAL crooks. 30 million euros? Fooey. That's chicken feed. This guy is an order taker, not order giver.
When I hear "...in excess of £30 million" I think of this https://www.youtube.com/watch?v=cKKHSAE1gIs .
Did they catch Billion Dollar Jon Corzine yet....Oh wait he donated to the Democrats
Was it Mr. Yellen?
When do they arrest Draghi and Yellen?
Is it a Ponzi .... when you tell your investors .... you were robbed .... before you could place their bets .... at the track ?
Silly creative manipulator, successful ponzis are for members only.
Patsies line up over there with group W.
Ponzi schemes...they're a dime a dozen.
Remember Alex Hope?
"Rogue trader Alex Hope jailed for seven years over £5m scam used to fund hedonistic lifestyle"
http://www.thisismoney.co.uk/money/news/article-2933471/Rogue-trader-Ale...
Quick give me someone to throw on the sword to keep the savages happy
WHAT IS HIS NAME?