Twin Cities man charged in $5.5M Ponzi scheme
A Twin Cities man has been charged with fraud for allegedly taking $5.5 million from investors and using the funds to buy a yacht, the U.S. Commodity Futures Trading Commission (CFTC) said Thursday.
The charges were filed against both Charles Hays and the company he ran, Crossfire Trading. The CFTC has requested a restraining order that would freeze Hays’ assets. Hays allegedly defrauded a charitable foundation and at least three individuals. Of the money he raised, Hays put $4 million toward buying the yacht and the remainder toward other personal expenses, the CFTC claims.
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