X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — Investors were promised guaranteed returns up to 20% every 30 days but instead, lost at least $25 million in yet another Ponzi scheme.

The Securities and Exchange Commission late last week obtained an emergency court order to freeze the assets of Atlanta-based CRE Capital Corp. and its president, James G. Ossie. According to the SEC complaint, CRE and Ossie fraudulently obtained at least $25 million from investors during 2008 by representing that it would use their money to engage in a currency trading program. Most investors were advised that they would receive guaranteed returns of 10% every 30 days, although a few investors were promised as much as 20%, the SEC said, adding CRE’s currency trading was not profitable and returns were paid to investors out of principal and money invested by later investors.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.