Peachtree City, Georgia – Eldon A. Gresham, 61, is facing charges of operating a multi-million dollar foreign currency (forex) Ponzi scheme, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on July 2, 2009, in the U.S. District Court for the Northern District of Georgia. The CFTC alleges Gresham, operating as The Gresham Company, defrauded over 75 customers out of more than $15 million, specifically targeting individuals within the Christian faith.
The complaint details that Gresham, beginning in at least January 2004, solicited investments for off-exchange forex trading, falsely claiming success due to divine blessing. He specifically marketed the program to a limited group of fellow Christians, creating a sense of exclusivity. Gresham leveraged existing relationships, soliciting funds from long-time acquaintances, and promised extraordinary monthly returns ranging from 4 to 13 percent.
Gresham allegedly convinced customers to withdraw retirement funds, promising profits within 60 days to avoid tax penalties. He falsely presented himself as a conservative trader and even misled at least one investor into believing their investment was federally insured. As the Madoff Ponzi scheme came to light in late 2008, Gresham allegedly reassured concerned customers that their funds were safe, a claim the CFTC asserts was knowingly false.
The CFTC alleges that Gresham engaged in limited forex trading, losing money in the process. Any “profits” paid to investors were sourced from new investments rather than legitimate trading gains. Of the $15 million solicited, only slightly over $2 million was deposited into trading accounts, with Gresham withdrawing over $1.4 million for his own use. Approximately $14.4 million remains unaccounted for, either misappropriated or used to perpetuate the Ponzi scheme.
The CFTC has also named three relief defendants: Werner H. Beiersdoerfer and Interveston Wines, LLC, both of Calera, Alabama, and Kirk M. Gresham, Eldon Gresham’s son, of Newnan, Georgia, alleging they improperly received funds resulting from the fraud. A federal court judge has frozen the assets of Eldon Gresham, Beiersdoerfer, Interveston Wines, LLC, and Kirk M. Gresham at the request of the CFTC.
Penalties and further legal proceedings are pending.
Source: CFTC.gov
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