Tucson Resident Charged with Ponzi Scheme, Fraud Allegations
The U.S. Commodity Futures Trading Commission has charged Tucson resident
Anthony Eugene Linton with misappropriation of customer funds and fraud.
The scheme reputedly involved foreign currency trading in business that
the defendant allegedly engaged in under the name of his firm, The Private
A filed complaint states that Linton fraudulently solicited and accepted at least $650,000 from at least 19 customers for the purpose of off-exchange contracts.
According to the complaint, Linton allegedly stated that customers would receive a "100 percent annual return" with "no risks whatsoever." Linton also purportedly misappropriated customer funds for personal use, in addition to allegedly paying earlier customers with funds from more recent clients.
Federal agencies won an emergency court order freezing the assets of the company several days ago. Destruction of the company's books and records is also now expressly prohibited by the court order.
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