The CFTC to Take Action Against $14 Million Investment Ponzi Scheme

The American derivatives regulator CTFC is investigating three Forex investment companies for Ponzi scheme activities.
The companies are named Financial Tree, Financial Solution Group, and New Money Advisors and are run by John D. Black, Joseph Tufo and Christopher Mancuso. Those three individuals have been conducting their investment scams since 2015.
They have allegedly scammed $15.5 million out of investors by offering them binary options and Forex trading. They used $11 million of those money to pay back investors so that the scam can be perpetuated, and spent the rest on luxury trips, gambling, home renovations and other expenses.
The Ponzi scammers that start spending money on ridiculous things invariably get caught. It's interesting how they are smart enough to conduct such a scam but not smart enough to avoid obvious mistakes like that.

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