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: Legal Pad | LA

Ponzi scheme targeted Latinos, claims CTFC suit

By Richard Binder

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Last Thursday the Commodity Futures Trading Commission filed civil charges against Ruben Gonzalez of West Covina and Jose C. Naranjo of La Mirada, alleging that they ran a Ponzi scheme targeting Latinos. Last week U.S. District Judge Percy Anderson froze the men's assets, including those of their company, New Golden Investment Group.

According to the suit, the men advertised in Spanish-language newspapers, radio stations and web sites claiming they would make investments in commodities that would potentially double their investors' money.  Instead, the commission says, they used new investor money to pay purported profits to earlier investors, and also bought a Mercedes-Benz and made payments on a house. All told, the suit alleges that the men defrauded 165 investors of close to $3.65 million since August of 2008.

The suit seeks restitution for victims, plus financial penalties.

Full story at LATimes.com.

Full post as published by Legal Pad | LA on May 25, 2010 (boomark / email).

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