Yet Another Ponzi Scheme Exposed

WASHINGTON — Investors were promised guaranteed returns up to 20% every 30 days but instead, lost at least $25 million in yet another Ponzi scheme.

The Securities and Exchange Commission late last week obtained an emergency court order to freeze the assets of Atlanta-based CRE Capital Corp. and its president, James G. Ossie. According to the SEC complaint, CRE and Ossie fraudulently obtained at least $25 million from investors during 2008 by representing that it would use their money to engage in a currency trading program. Most investors were advised that they would receive guaranteed returns of 10% every 30 days, although a few investors were promised as much as 20%, the SEC said, adding CRE’s currency trading was not profitable and returns were paid to investors out of principal and money invested by later investors.