Charleston, SC – Ronald E. Satterfield, 51, is facing charges of operating a $3.3 million foreign currency (forex) Ponzi scheme, the Commodity Futures Trading Commission (CFTC) announced November 23, 2010. The scheme allegedly defrauded over 70 individuals across South Carolina, North Carolina, Michigan, and Maryland.
The CFTC filed a complaint on November 8, 2010, alleging that Satterfield, along with Nicholas Bos of Ludington, Michigan, misappropriated customer funds for personal use. The complaint details that Satterfield and Bos issued falsified account statements to investors, falsely reporting profits and returns when, in reality, Satterfield’s forex trading consistently resulted in monthly losses.
The U.S. District Court for South Carolina, under Judge Richard M. Gergel, issued a preliminary injunction on November 22, 2010, continuing a temporary restraining order from November 9, 2010. This injunction prohibits Satterfield, Bos, and relief defendant Patricia L. Bos from transferring assets, destroying records, or engaging in any activity regulated by the CFTC, including trading and solicitation.
According to the CFTC, Nicholas Bos and his wife, Patricia Bos, used $295,000 in fraudulently obtained funds to purchase a personal residence in Michigan. Patricia Bos is named as a relief defendant, as she allegedly received funds with no legitimate claim to them.
The CFTC is seeking rescission of all contracts, restitution for defrauded customers, the return of ill-gotten gains, civil monetary penalties, permanent registration bans, and permanent injunctions against further violations of federal commodities laws. The investigation is ongoing, led by CFTC staff members Jennifer Diamantis, Patricia Gomersall, Christine Ryall, Paul G. Hayeck, and Joan Manley.
Source: CFTC.gov
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