7.9.2009 The CFTC charged Eldon A. Gresham, of The Gresham Company, and relief defendants Werner H. Beiersdoerfer and Interveston Wines, LLC, both of Calera, Ala., and Kirk M. Gresham, Gresham’s son, of Newnan, Georgia, with operating a multimillion-dollar foreign currency Ponzi scheme, specifically targeting persons of the Christian faith to invest in the scheme. The CFTC alleges that, from at least January 2004, Gresham solicited more than $15 million from more than 75 customers to trade off-exchange forex contracts. Gresham allegedly claimed to prospective customers that he was successful trading forex because the “Lord had blessed him.” Gresham also told prospective customers that he was offering his program to a limited number of fellow Christians for a limited time, according to the CFTC. The CFTC alleges that, at most, slightly over $2 million of the more than $15 million that Gresham solicited from customers was deposited into Gresham’s forex trading accounts. Of this slightly over $2 million amount, more than $1.4 million was withdrawn by Gresham. At least $14.4 million was either misappropriated by Gresham or returned to his customers as part of the Ponzi scheme
Click http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5674-09.html to access the CFTC press release.