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SEC accuses money manager of $106 mln Ponzi fraud

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"The U.S. Securities and Exchange Commission said it has filed civil fraud charges against and won a court order freezing the assets of a Virgin Islands money manager who ran a $105.9 million Ponzi scheme. According to a complaint filed in federal court in Chicago, Daniel Spitzer raised the sum from about 400 investors who were told their money would be invested mainly in foreign currency. Investors with Spitzer's companies, including Kenzie Financial Management Inc, were told that Spitzer's funds never lost money, and in one year generated a 184 percent return."
SOURCE:   Reuters