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Mark Todd Hauze, whose foreign currency Ponzi scheme had similarities with the J. David Dominelli scam of the 1980s, was sentenced today (May 25) to 9 years in prison and three years of supervised release. According to the U.S. attorney's office, which handled the prosecution, Hauze through his Universal Money Traders took $10 million from the public, promising an annual return of 30% or more. (The late J. David "Jerry" Dominelli promised as much as 45%.) Like Dominelli, Hauze siphoned off investor funds for his personal use, such as buying luxury cars. He also used new money to pay off other clients -- a Ponzi scheme, a la Dominelli. Hauze, like Dominelli, sent false statements to investors who thought their pot was growing. Dominelli's scam was eight times larger in dollars, however.
Mark Todd Hauze, whose foreign currency Ponzi scheme had similarities with the J. David Dominelli scam of the 1980s, was sentenced today (May 25) to 9 years in prison and three years of supervised release. According to the U.S. attorney's office, which handled the prosecution, Hauze through his Universal Money Traders took $10 million from the public, promising an annual return of 30% or more. (The late J. David "Jerry" Dominelli promised as much as 45%.) Like Dominelli, Hauze siphoned off investor funds for his personal use, such as buying luxury cars. He also used new money to pay off other clients -- a Ponzi scheme, a la Dominelli. Hauze, like Dominelli, sent false statements to investors who thought their pot was growing. Dominelli's scam was eight times larger in dollars, however.