Guilty plea in $25 million currency fraud
(AP) -- The former operator of a foreign exchange trading firm called CRE Capital has pleaded guilty in a $25 million fraud scheme.
Federal prosecutors say 48-year-old James G. Ossie of Atlanta cheated more than 120 investors who were promised return of initial deposits plus 10 percent interest in 30 days. They say he ran a Ponzi scheme, using money from new investors across the country to pay earlier investors, until the Securities and Exchange Commission shut him down in January. Of $25 million raised in nine months, about half was lost in currency trading. Ossie pleaded guilty Thursday to wire fraud.
He could get up to 20 years in prison and a fine of $250,000 when sentenced July 30 by U.S. District Judge William S. Duffey Jr.
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