Federal securities regulators in Atlanta on Thursday accused an Alpharetta currency trader of running a $25 million Ponzi scheme.
The Securities and Exchange Commission have accused CRE Capital Corp. and James G. Ossie with violating federal securities laws. The SEC said CRE Capital and Ossie, the firm’s president, promised investors 10 percent profits per months on currency trades in the U.S. and Japan. At least 120 investors bought into the Ponzi scheme, the SEC said in a complaint filed in U.S. District Court for the Northern District of Georgia.
“CRE does not generate sufficient returns from currency trading to pay the promised returns,” the SEC said in a court filing. “The investment program is a Ponzi scheme and returns to investors are paid from funds contributed by new investors.”
Taylor English Duma attorney Bill Leonard is representing CRE Capital and Ossie.
Bryan Cave Powell Goldstein partners Thomas S. Richey and Jennifer D. Odom and associates Jason R. Curles, Stacey G. Evans, all in Atlanta, are representing the court-appointed receiver, GlassRatner Advisory & Capital Group LLC managing director Michael Fuqua.
Handling the matter for the SEC are District Trial Counsel William P. Hicks, Senior Trial Counsel Alana R. Black and attorney W. Shawn Murnahan.