{"id":39629,"date":"2013-12-17T08:23:43","date_gmt":"2013-12-17T13:23:43","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39629"},"modified":"2013-12-17T08:25:37","modified_gmt":"2013-12-17T13:25:37","slug":"fraudulent-fund-faces-sec-charges-in-make-a-lot-of-money-scheme-6-charged","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2013\/fraudulent-fund-faces-sec-charges-in-make-a-lot-of-money-scheme-6-charged.html","title":{"rendered":"Fraudulent Fund Faces SEC In \u201cMake A Lot Of Money\u201d Scheme, 6 Charged"},"content":{"rendered":"

\"sec_building.gi.top\"<\/a>New York (HedgeCo.Net) – Another “get rich scheme” is under fire by the SEC today after a\u00a0Swiss-based “hedge fund,” Malom Group AG, and six individuals in Las Vegas and Zurich raised $11 million from U.S. investors by using a series of lies and forged documents to steer them into seemingly successful foreign trading programs that were nothing more than vehicles to steal money.<\/p>\n

The company is named with an acronym for \u201cMake A Lot Of Money.\u201d The SEC\u00a0announced fraud charges when it was exposed that the company had\u00a0advance fee schemes guaranteeing astronomical returns to investors in purported prime bank transactions and overseas debt instruments.<\/p>\n

“Advance fee frauds\u00a0solicit investors to make upfront payments before purported deals can go through, and perpetrators fool investors with official-sounding terminology to add an air of legitimacy to the investment programs.” The SEC said. “Many transactions offered by Malom Group bore hallmarks of\u00a0prime bank frauds, which tout the supposed use of well-known overseas banks to attract investors.”<\/p>\n

“They peddled agreements and transactions filled with technical-sounding jargon that was as meaningless as their promises to investors.”Stephen L. Cohen, an associate director in the SEC\u2019s Division of Enforcement.<\/p>\n

In a parallel action, the U.S. Department of Justice today announced criminal charges against the same six individuals charged in the SEC\u2019s complaint:<\/p>\n