SEC cracks down on Ponzi scheme
The SEC filed a complaint last Tuesday (May 6) claiming Panama-based GQI fraudulently raised more than $27.9 million between May 2006 and April 15 2008. It raised this sum from over 2,100 investors in the US and Canada. The firm has returned $19.1 million to investors over the same period, with $8.8 million not returned to date. The SEC claims $5 million was transferred to the personal account of David Greene, one of the defendants.
The three defendants are Greene, who has identified himself as
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