Man Charged With Ponzi Scheme

A Marietta real estate attorney has been accused of cheating more than 125 investors out of $28 million. He allegedly stole the money by promising returns of up to 15 percent by placing their money in real estate financing and development. Robert P. Copeland was charged today with operating a Ponzi Scheme. Prosecutors say he raised more than $40 million since 2004 from hundreds of investors worldwide. Some were elderly and used their retirement funds.

(Associated Press)

Currency Trader Accused of Ponzi Scheme

The founder of a Georgia-based currency trading firm has been charged with wire fraud in an alleged $25 million Ponzi scheme.

Federal prosecutors say 49-year-old James G. Ossie of Atlanta, the principal operator of Cre Capital Inc. Of Alpharetta, was indicted by a federal grand jury and is scheduled to surrender in federal court on Friday for arraignment.

U.S. Attorney David E. Nahmias said Wednesday that an investment fund for private clients focused on options contracts in foreign currencies from April until January, when it was shut down by the securities and exchange commission.

The fund allegedly guaranteed profits of 10 percent within a month but by January owed more than $23 million to investors with just $2 million in its accounts.

(AP)

Real estate promoter pleads guilty to Ponzi scheme

A real estate promoter pleaded guilty today to stealing tens of millions of dollars in a Ponzi scheme. Gene O'Neal of Atlanta faces up to 40 years in prison. O’Neal ran Pinnacle Development Partners. The indictment claims O'Neal raised more than 60-million dollars from investors to buy real estate. But O'Neal used newer investors' contributions to pay back money owed to older investors, racking up huge debts along the way.

Columbus: army warns against Ponzi scammers

Fort Benning has placed two businesses off-limits to all military personnel. They are suspected of running an illegal investment scam.

The step comes amidst a federal and state investigation of two companies, the "Capital Consortium Group," and, "3 Hebrew Boys."

Both companies, registered in South Carolina, are suspected of targeting soldiers with an illegal investment strategy called a "Ponzi" scheme. In such a scam, the perpetrator promises the investor big returns, fast, but instead only uses their money to pay back previous investors.

Staff Judge Advocate Colonel Lyle Cayce at Fort Benning says the companies are promising investors, "...a guaranteed 10 percent per-month return -- 120% a year -- and if they invested money and tied to their mortgage, or their car or their credit card debt, that those debts would be paid off. And they could own their homes, their cars, or their credit cards, you know, free."

Cayce warns potential investors that if it sounds too good to be true - it probably is. He also warns people who live in the Chattahoochee Valley area to avoid such businesses.