Up to $20m at risk as American trader vanishes (a new one from Tennessee)

[Robbien]

Source: UK Independent

UK investors could be nursing huge losses after being hit by a similar Ponzi scheme to that operated by Bernie Madoff.

Dennis Bolze, a stock trader from Tennessee who is being pursued by the US authorities, failed to attend a bankruptcy court hearing late last week.

About 100 unnamed investors, largely from the UK and other European countries, invested up to $20m in Centurion Asset Management, the company through which Mr Bolze said he was engaging in day trading.

. . .

A US bankruptcy court has appointed an emergency interim trustee to oversee the assets and estate of Mr Bolze. Patricia Foster, attorney for the US Trustee, told Judge Richard Stair that his investment activities "appear to be a Ponzi scheme".

. . .

Mr Bolze has not been seen since mid-December, when local investors' dividend cheques from his alleged day-trading operations stopped. His wife is thought to have no idea where he is, but reportedly stated that he had not engaged in day trading for four months prior to his disappearance.



Read more: http://www.independent.co.uk/news/business/news/up-to-20m-at-risk-as-american-trader-vanishes-1419354.html

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This makes the count of ponzi-type suspect firms up to five or six doesn't it.

[Idealism]

1. Good to know the regulators were really looking out for these

How many were found out during the first 7 3/4ths years of Bush?

[Tansy_Gold]

5. Oh, honey, it started long before boooosh, but that don't let him

of the hook.

In 2000, when we had a real chance to avoid all this shit, Enron was the big wake up call, enabled by the same enablers -- esp. Uncle Phil Gramm and Aunt Wendy Gramm -- who enabled booosh from the cradle. But congress under Tom "I married a lobbyist" Daschle just hit the snooze alarm. The ponziteers hit the ground running, as they say, the day boooosh put the imperial crown on his own head.


TG

[Vinca]

6. I think they had something like 2 investigators during the Bush years . . .

and they were probably paid-off graduates of Liberty University.

[Liberal_in_LA]

2. wow. A new one everyday.

[BR_Parkway]

3. So how much of this was going on in W's wonderful economy?

I'm sitting here wondering how much of any of the gains in the Dow and all those other benchmarks that were breathlessly reported on the news every night for a that boom period were a result of all these criminal schemes.

[Hubert Flottz]

4. That really Bolze...

I couldn't help myself...but it does. People are rotting in prison for stealing things to keep their families fed and these white collar con men just skate away to an island somewhere where their loot is stashed. I'll bet Kenny Boy is somewhere laughing his ass off right now.

[ensho]

7. poor Tenn. is being torn up

the toxic coal HAZMAT cleanup going on now, or not.

their House is in upset and fighting

and now a ponzi fraudster

[sarcasmo]

8. It makes you wonder how many Investment Managers are actually ponzi schemes.