Search Query: #ponzi

Craig Clavin solicited at least $345,000 for trading commodity futures. Instead, the money was used for personal expenses and to pay purported profits to some pool participants like any other Ponzi scheme.

Mr. Maroney misappropriated at least $4.48 million in investor funds to enrich himself and his family, “including the purchase and maintenance of his waterfront home and a Mercedes Benz, and to pay for his extensive credit card bills and renovation-related expenses on the house”, the SEC claims.