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Wednesday, December 6, 2023
Courthouse News Service
Wednesday, December 6, 2023 | Back issues
Courthouse News Service Courthouse News Service

Man Accused of Running $20M Ponzi Scheme

KNOXVILLE, Tenn. (CN) - Dennis Bolze and Centurion Asset Management fleeced more than 100 investors for $20 million in a Ponzi scheme, the Commodity Futures Trading Commission says in Federal Court. Bolze allegedly used new investments to pay off previous investors. Bolze enticed investors with 15 to 18 percent projected returns, and then distributed fictitious account statements, the lawsuit claims.

He allegedly traded a portion of the money through a commodity futures trading account called Advanced Trading Services, which was "unprofitable," though he claimed his trading earned 15 to 20 percent.

He also failed to tell the pool participants that he pleaded guilty to four counts of failure to file tax returns and failure to pay sales tax in 2001, according to the complaint.

Bolze now refuses to let investors withdraw their money, the commission claims.

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