Saturday, September 23, 2023
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Ponzi Man Just Won’t|Stop, CFTC Says

SAN JUAN, Puerto Rico (CN) - A recidivist Ponzi operator took another $1 million from people through his companies ACJ Capital and Solid View Capital, the Commodity Futures Trading Commission claims in Federal Court.

The CFTC sued Angel Fernando Collazo of Salinas, Puerto Rico, and his two companies in Federal Court, which has frozen the defendants' assets.

It's the second time in a year the CFTC has sued Collazo and ACJ, the Commission said in a statement.

In May 2011 the CFTC accused Collazo of fraudulent solicitation in an earlier, separate fraud. Collazo pleaded guilty in December to wire fraud and money laundering for that fraud, the CFTC said.

On Tuesday, the court entered a preliminary injunction maintaining the asset freeze and barring defendants from violating anti-fraud and registration provisions of the Commodity Exchange Act and CFTC regulations.

The CFTC claims Collazo solicited commodity pool investors by falsely claiming profitable returns and minimizing and failing to fully disclose the risks of leveraged foreign exchange trading.

He allegedly misappropriated money to make payments to pool participants and for himself, failed to disclose how he actually used the money, misrepresented the profitability of pool trading accounts, and distributed false financial statements to ACJ/Solid View pool participants.

Collazo raised about $1 million from at least 21 investors in his latest scam, the CFTC said.

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