Two completely separate men were charged in two completely separate Ponzi schemes in one completely same city of Charlotte, North Carolina on September 23, 2011.
Both defendants plead guilty to commodities fraud. Apparently they both promised victims enormous profits from trading in the Charlotte, North Carolina commodities futures market.
Mitchell Brain Huffman was charged with a criminal bill of information in August of this year for engaging in a $2.5 million Ponzi scheme. According to the bill from 2006 until around March of 2011 he scammed about $3.2 million from about 30 victims by falsely claiming that he was generating annual rates of return between 100% to 150% using his proprietary trading program to trade in the commodities futures market.
The same day, Robert Moss was charged with a count of commodities fraud for engaging in a slightly less profitable $1.5 million Ponzi scheme. For eight years from 2001 to 2009 he solicited investments of about $3.1 million from 22 victims promising annual returns of between 22% and 41%. Moss reassured victims that he’s never had a losing year of trading since 1993. Unfortunately, they forgot to inquire about his last scamming year.
The bills of information filed against Huffman and Moss include a notice of forfeiture, which gives notice that the defendants must forfeit to the United States all of the property involved in the offenses charged in the information, and all property which is proceeds of such offenses. The investigation of Huffman was handled by the FBI. The investigation of Moss was handled by the FBI and the Securities Division of the N.C. Secretary of State’s office. U.S. Attorney Tompkins also acknowledges the invaluable assistance of the Commodities Futures Trading Commission in both cases – Source.
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