U.S. Charges Haena Park, Harvard Alumni – Forex Trader’s Ponzi Scheme Revealed.
Well it is a bad year for Harvard Grads. After a high profile case like Andrew Caspersen, SEC (The Security and Exchange Commission) has charged another grad Haena Park today with defrauding investors out of millions. Haena Park is a New York City based currency and commodities trader. The U.S department of Justice has also charged Haena Park, founder of Phaetra Capital GP and Argenta Capital on the counts of wire fraud and commodities fraud in the U.S. District Court of Manhattan.
Haena Park – Ponzi Scheme Revealed
It is unclear about the situation on the other side of the coin, as Park has not responded to any requests for comments from the media as of yet. The Prosecutors said Park has defrauded more than $23 million from her investors by falsifying her company data and advertising herself as an accomplished trader in forex and commodity markets generating high returns in double or triple digits annually. She has constantly taking on new clients by building her reputation as a successful investment advisor using a Ponzi scheme.
The Ponzi scheme was revealed by SEC when they went through the records of Phaetra Capital and Personal Account of Park and found that she was a “consistently unsuccessful” trader, who has lost $19.5 million of the $20 million invested in currency markets and highly leveraged futures. Park falsified her account statements to give her investors a false sense of security and returned $3 million to her earlier investors to draw in more funds in a “Ponzi-like” fashion. Park had also lied to “National Futures” saying that she traded only her own money in an interview on 4th April 2016 and did not solicit business for Phaetra Capital.
Park’s victims include her friends, family and former Harvard classmates. Park graduated from Harvard in 1998 with major in psychology.
With SEC presenting civil charges and U.S. Attorney office with criminal charges against Haena Park, things sure don’t look good for her. If she pleads guilty to the charges this will be the second Harvard grad in 2016 to be booked for fraud and money laundering by U.S. government.
What Do We Learn From Haena Park?
The lesson is clear: Steer clear of any Forex company that claims an exuberant amount of gains. When it comes to Forex, there is no such thing as promises or guarantees. If anyone is offering a service too good to be true, it probably is.
At ForexSignal.com we do not make any promises or guarantees. We post our ForexSignal results for all the world to see and we have been in business for almost 20 years. We challenge you to put us to the test and find out for yourself what Forex traders all over the world are talking about.
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