An experienced Ponzi scheme attorney has the details in $12 million investment club Ponzi scheme case that affected 150 investors.
Andrew S. Mackey and Inger L. Jensen, both of New York, have been found guilty in an alleged Ponzi scheme that took $12 million from 150 investors. The couple owned and operated ASM Financial Funding Corp.
According to court documents, the couple was accused of running the alleged Ponzi scheme via a “Wealth Enhancement Club.” This investment club was marketed by the couple as a program geared toward sophisticated investors, and the club only accepted a select few. Investors involved in the program were told they would be making 20% interest monthly on mostly private and offshore investments.
Unfortunately, Jensen and Mackey are said to have only invested about a third of the money taken in from their investors. The entire amount invested by the couple is said to have been lost, and there is no record that any profits were generated. Instead, the couple is accused of using the remaining cash from investors to pay off prior investors and for their own personal use. Prosecutors also say that the couple distributed false monthly statements to investors in order to keep up the appearance of legitimacy.
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If you or a loved one has fallen prey to a Ponzi scheme or other investment scam, don’t hesitate to reach out to an experienced Ponzi scheme attorney who can help you formulate a plan to recover your losses.