NC Investment Firm Owner Accused Of Running Ponzi Scheme - WSPA.com

NC Investment Firm Owner Accused Of Running Ponzi Scheme

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NC Investment Firm Owners Accused of Running Ponzi Scheme NC Investment Firm Owners Accused of Running Ponzi Scheme
CHARLOTTE, N.C. -

U.S. Attorneys say the owner of a North Carolina investment firm has been charged with securities fraud for orchestrating a ponzi scheme. Victims lost $4.7 million dollars in the foreign currency market.

James Mason of Graham, NC was indicted on federal charges on April 18. According to the court documents, Mason is accused of running a ponzi scheme between 2010 and March 2013, which enticed victims to invest with his companies, JHM Forex Only Pool, Forex Trading at Home Association and other entities.

The indictment accuses Mason of defrauding victims by omitting material facts and providing half-truths. Specifically, Mason claimed to have had more than 35 years of trading experience, when in fact, he has no experience.

The indictment also claims Mason solicited 500 victims to invest $4.7 million dollars by promising a substantial return on their investments. Instead, the money was put into a personal bank account and used for personal and business related expenses, real estate, cars and other items. U.S. Attorney Anne Thompkins says Mason paid some victims with other victim's money.

Mason has been in federal custody since April 15. He has been charged with one count of securities fraud which carries a maximum prison term of 20 years and a $5 million fine, plus restitution to investor victims of the scheme.

 

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