Feds halt Gold-Quest investment scheme
The Securities and Exchange Commission has obtained a court order to stop a $27 million Ponzi scheme involving investors in the United States, Canada, and other countries.
The SEC charged Las Vegas-based Gold-Quest International and its three principals for the alleged misuse of investor funds in a scheme that promised incentives to investors who recruited “friends and family” into the system. The SEC alleges that Gold-Quest and its owners promised that investor funds would be pooled and invested in foreign currency exchange trading and would generate annual profits of 87.5 percent. No investor money was actually invested in foreign currency exchange trading, the SEC said.
More information may be found by clicking here.