Orlando, Florida – United States – The United States Department of Justice authorised the return of US$10,129,254.56 to investors who had been falsely guaranteed high yield returns of between 9% and 22%. TIRN’s website advertised that pooled investor funds were being managed by “professional money managers” and being invested in the FOREX market. However, no such investments were ever made on behalf of investors. Instead, TIRN’s operators collected in excess of US$15 million from more than 500 US and international investors and misappropriated most of those funds for their own personal benefit, purchasing vehicles, homes, paying off mortgages and remitting money to accounts controlled in the United States and overseas.
Federal law requires that entities and individuals be licensed and registered in order to serve as a pool operator for the purpose of purchasing commodities. Neither TIRN nor its operators held such an investment license.
More than US$10 million worth of assets obtained through the TIRN fraud were forfeited by the U.S. Attorney’s Office and those individuals behind the fraud, David Merrick, Japheth Paramanandam, and Nathan Betances, received long prison sentences for their roles in the fraud.