US arrests man for $7 million US Ponzi fraud
Authorities in the US have charged a UK man with running a £4.4 million Pyramid scheme
LOS ANGELES - US authorities have charged a UK man with investment fraud, alleging he scammed at least four investors in a $7 million (£4.4 million) Ponzi scheme.
Robert Tringham was arrested in connection with the Pyramid scheme claims on Tuesday, after indictment by the US Attorney's Office. He made an appearance in a Los Angeles federal court then was held in custody until a bail hearing later today.
The US Attorney's Office has charged Tringham with 11 counts of fraud - carrying a maximum sentence of 170 years if convicted. The complaint alleges that one client was promised returns of 2.5% per month - or 30% per year - on the money they placed with Tringham.
The arrest followed a Securities and Exchange Commission complaint in April. The regulator accused him of raising $7 million fraudulently since 2006 -in addition to a $500,000 income tax evasion charge.
Tringham will appear in the District Court of Los Angeles on Monday.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Review of 2024: as markets took a breather, firms switched focus
In the absence of major crises and rules deadlines, financial firms revamped strategy, services and practices
Dora flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
Swiss report fingers Finma on Credit Suisse capital ratio
Parliament says bank would have breached minimum requirements in 2022 without regulatory filter
‘It’s not EU’: Do government bond spreads spell eurozone break-up?
Divergence between EGB yields is in the EU’s make-up; only a shared risk architecture can reunite them
CFTC weighs third-party risk rules for CCPs
Clearing houses could be required to formally identify and monitor critical vendors
Why there is no fence in effective regulatory relationships
A chief risk officer and former bank supervisor says regulators and regulated are on the same side
Snap! Derivatives reports decouple after Emir Refit shake-up
Counterparties find new rules have led to worse data quality, threatening regulators’ oversight of systemic risk
Critics warn against softening risk transfer rules for insurers
Proposal to cut capital for unfunded protection of loan books would create systemic risk, investors say
