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The Securities and Exchange Commission today (July 28) charged two San Diego area men, along with a Mexican citizen and four entities, with running a Ponzi-like scheme. Edward Lantz Ferguson of Strong's Capital of Chula Vista told investors they could make 3% to 8.25% a month investing in foreign currency trading. But he used $500,000 to pay earlier investors and for his own personal use, according to the SEC. Joel S. Ley of San Diego's Optimus Fund promised investors 4% a month, but diverted money to earlier investors and to himself, according to the agency. All told, the operators raised $14 million, says the SEC.
The Securities and Exchange Commission today (July 28) charged two San Diego area men, along with a Mexican citizen and four entities, with running a Ponzi-like scheme. Edward Lantz Ferguson of Strong's Capital of Chula Vista told investors they could make 3% to 8.25% a month investing in foreign currency trading. But he used $500,000 to pay earlier investors and for his own personal use, according to the SEC. Joel S. Ley of San Diego's Optimus Fund promised investors 4% a month, but diverted money to earlier investors and to himself, according to the agency. All told, the operators raised $14 million, says the SEC.