Joseph S. Forte is a man from Pennsylvania who is accused of running a $50 million Ponzi scheme. Authorities said that Forte confessed he was running a Ponzi scheme after the scheme fell apart.CNN Money: CFTC, SEC Charge Pa. Resident With $50 Million Ponzi Scheme (January 8, 2008)
Investigation
SEC became aware of the alleged scheme in the end of December 2008.Philadelphia Business Journal: ...investment manager charged in $50M Ponzi scheme (January 8, 2009)Forte has confessed to some of the charges, but it was not clear as of January 8, 2009 exactly what he had confessed to.Philadelphia Inquirer: Fractured profile of local Madoff-type manager (January 8, 2009)SEC has obtained an emergency court order to freeze Forte's assets.Philadelphia Business Journal: ...investment manager charged in $50M Ponzi scheme (January 8, 2009)
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Told clients he would invest money in an account that would trade in securities futures contractsPhiladelphia Business Journal: ...investment manager charged in $50M Ponzi scheme (January 8, 2009)
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Had no license as an investment professional and therefore he was not allowed to advertise; his customers heard of him through word of monthPhiladelphia Inquirer: Fractured profile of local Madoff-type manager (January 8, 2009)
