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VI Money Manager Accused of Investment Fraud in Ponzi Scheme

The Securities and Exchange Commission (SEC) announced that investment fraud charges have been filed in a Chicago federal court against a Virgin Islands money manger. The charges were brought against Daniel Spitzer for his alleged connection to a Ponzi scheme of approximately $105.6 million.

The complaint claims that Daniel Spitzer involved nearly 400 investors in his investment scam. He told investors that their money would be primarily used to invest in foreign currency. According to the SEC, of the $105.6 million collected from investors, nearly $72 million was used to repay previous investors. Spitzer supposedly used less than one-third of the capital for investments.

The SEC alleges that Spitzer used the money to enjoy an “extravagant lifestyle” and to cover expenses associated with running his business. In addition, the SEC cites that he used approximately $900,000 to pay for expenses he incurred at a Las Vegas casino from March 2006 through October 2009.

“Daniel Spitzer ran an elaborate Ponzi scheme that he disguised by moving investor money through a complex network of foreign bank and brokerage accounts,” said Merri Jo Gillete, the director of Chicago’s SEC regional office. “He deceived investors into believing that he was using a sophisticated investment strategy that didn’t really exist.”

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If you have lost money due to investment fraud, you should contact one of our experienced investment fraud attorneys for a free case evaluation by calling toll-free (888) 390-6491 or filling out our online form. Our investment fraud lawyers are licensed in California and Ohio and we represent investors nationwide in securities arbitration and litigation claims.

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