Michigan Couple Ordered to Pay More Than $3.1 Million for “Private Hedge Fund” Fraud

  • Couple did not dispute CFTC’s allegations of false and misleading statements, including claims of returns averaging 20 percent per month and claims that fees would only be charged after investors’ funds doubled.
  • Couple engaged in Ponzi-like scheme and spent investors’ money on personal expenses such as home renovations, a Jaguar automobile and Rolex watches.
  • Court imposed maximum penalty against husband and reduced penalty against wife.

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