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CFTC Alleges $40M Ponzi Scam

CHARLOTTE, N.C. (CN) - Bruce Kramer defrauded investors of $40 million in a Ponzi scheme he misrepresented as foreign exchange trading, the Commodity Futures Trading Commission claims in Federal Court. Kramer, who died on Feb. 25, ran the scam through his company Barki LLC, the CFTC says.

The CFTC sued Kramer's widow Rhonda Kramer, the Barki company, and Forest Glen Farm, which is run out of the same address as Barki. It claims Kramer invested only $17.6 million in foreign exchange trading and lost $10 million of it. The CFTC says he swiped the rest and spent it on a 48-acer horse farm, a 6,000-square-foot house, a Maserati, other sports cars, art, a race horse and "extravagant parties."

No death certificate has been issued yet for Kramer, formerly of Midland, N.C., according to the complaint.

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