A foreign exchange broker's admitted running a Ponzi scheme to defraud clients of more than seven million dollars
A foreign exchange broker's admitted running a Ponzi scheme to defraud clients of more than seven million dollars
20 March 2019
Kelvin Clive Wood has today pleaded guilty to charges of 'obtaining by deception and theft.
The Auckland man created a Ponzi scheme after his foreign exchange brokerage began to suffer losses.
He reported fictitious profits and false foreign currency trades to investors.
He's been remanded on bail until sentencing in July. .
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