Thursday, January 8, 2009

$15 million fraud scheme busted in Illinois

Charles G. Martin and John E. Walsh were both arrested earlier in the week for wire fraud. The two ran One World Capital Group, which was closed in December by the government who also froze the remaining assets of the firm. The two posed as foreign currency traders and used a "ponzi-like" scheme to divert customer money out of the bank into their pockets to finance a lavish lifestyle. For more on the story, read here.

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