Tri Energy Ponzi
So stories just leave you shaking your head in wonder about the difficulties that the regulators faces in clamping down on fraud. Tri Energy is one of those stories. While facing a charge of ponzi scheme, Jones and Tri Energy simply engaged in a new transaction, involving gold.
According to press release, "The SEC's complaint alleges that the gold transaction was a fraud that Jones and others used to defraud hundreds of investors of over $50 million by promising returns of 100% or more within 60 days. The SEC's complaint alleges that Jones and other have been telling investors that these extraordinary profits were to be generated in part by helping an unnamed Saudi Arabian prince move gold from Israel through Luxembourg to the United Arab Emirates."
Stated boldy like is, in stark relief, the SEC is denying that any reasonable person could believe in the Tri Energy scheme. The subtheme is that only a fool could believe that they would obtain a 100% return in 60 days. And ofcourse, we don't really have to protect fools do we?
But how on earth could have Jones and Tri Energy, while under the scrutiny of the SEC, simply committed another massive fraud?
Technorati Tags: saudi arabian prince, ponzi scheme, united arab emirates, gold, investors
