Read the latest news relating to investor claims and broker fraud.

Arrest Made in Ponzi Scheme That Allegedly Took Millions

Posted on Oct 20, 2011

Oscar Hernandez, of Florida, has been arrested in connection with an alleged Ponzi scheme. Authorities have accused Mr. Hernandez of running an investment scam in connection with two companies he controlled: Midway Trading Co. and The Conquest Investment Group. Specifically, the government alleges that, from 2005 -2009, Mr. Hernandez solicited investments by telling investors that he would pool their funds to purchase commodity futures and stocks and return the profits to them. However, the government says that Mr. Hernandez either lost a large portion of the investment funds or used the money for his own benefit.

In all, Mr. Hernandez is accused of taking about $3 million from his investors.

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