Sunday 29 January 2012

Forte pleads guilty in Ponzi scheme - Philadelphia Business Journal:

gorbunovabowiper.blogspot.com
Federal prosecutors in Philadelphia said that betweemn 1996and 2008, Forte collected investment money from nearlu 80 individuals using a fraudulent scheme in which the he claimer that he was trading in stock indexz futures through a partnership named Joseph Fortse LP. Prosecutors said 53, of Broomall, Pa., used his scheme to collec roughly $80 million from investors, payingv some investors “returns” on thei investments by using money contributed by other Prosecutors said Forte reported fabricated investment returns between 18 percent and38 percent, when in fact, he consistentlyy lost money on his trades.
Prosecutorz said Forte paid himselff millions of dollars in salaries and fees and used his profits to make numerousfinancial transactions, includingt taking out a $500,00 Commerce Bank [now TD Bank] loan by misrepresentingh the value of Joseph Forte LP. Sentencing is scheduled for Oct. 2. He facexs possible prison time, fines and payingb full restitution to the victims of his and forfeiture of all property that constitutesz or is derived from his criminal The case was investigatee by the United States PostalkInspection Service, the Federal Bureau of the Delaware County District Attorney’s Office, the Securities and Exchangr Commission, and the Commodities Futures Tradinv Commission.
It is being prosecute d by Assistant United States AttorneyJoe Khan. Forte was chargexd in a civil case in early Januart by the Securities andExchange Commission, whicu obtained an emergency court order freezing his assets.

No comments:

Post a Comment