Marco Island, FL – Ward Onsa, 51, of Marco Island, Florida, is facing charges of fraud, misappropriation, and issuing false account statements following a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on April 5, 2011. The case was filed in the U.S. District Court for the Eastern District of Pennsylvania.
The CFTC alleges that Onsa, acting as the principal of New Century Investment Management LLC of Southampton, Pennsylvania, defrauded at least 12 investors out of at least $2.2 million between March 2005 and September 2010. New Century operated as a Commodity Pool Operator (CPO), and Onsa functioned as an Associated Person of the CPO.
According to the complaint, Onsa and New Century misrepresented to investors that they operated a legitimate hedge fund, the New Century Hedge Fund Partners, I, LP, which traded futures and options contracts, including those related to the S&P 500. However, the fund reportedly experienced significant trading losses which were concealed from investors. False account statements were allegedly provided, inflating the perceived value of investor accounts.
The CFTC further contends that Onsa misappropriated investor funds to cover personal debts and living expenses. He allegedly received approximately $131,000 of the stolen funds for his own use, including $5,177.39 used to pay taxes on his Marco Island residence. Additionally, over $38,000 was spent on personal debit card purchases and ATM withdrawals. The scheme is characterized as a Ponzi scheme, with funds from newer investors used to pay earlier investors.
The CFTC is seeking restitution for defrauded customers, recovery of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of federal commodities laws. The National Futures Association assisted in the investigation.
The case is being pursued by Elizabeth C. Brennan, Philip Rix, Steven Ringer, Lenel Hickson, and Stephen J. Obie of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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