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CFTC Says Its Busted Up Ponzi Scheme

GREENBELT, MD. (CN) - Kenneth L. Branch fraudulently obtained more than $1.2 million from at least 39 victims for his bogus "commodity pool" and stock futures business, Cocoon Trade, which was just a Ponzi scheme, the Commodity Futures Trading Commission says in Federal Court. Branch, who ran the scam out of his Lanham, Md., apartment, lied about his track history to do so and paid himself out of the alleged investments, the CFTC says.

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