SEC Freezes Assets in $106M Ponzi Case

     CHICAGO (CN) – The SEC on Monday froze the assets of a Virgin Islands-based man and charged him with running a $106 million Ponzi scam. Daniel Spitzer, of St. Thomas, claimed his many businesses never lost money and that one year they paid returns of 184.15 percent. But actually, the SEC says, he dished out $72 million as Ponzi payments and spent a lot on himself, including $900,000 in cash at the Wynn Las Vegas Casino.




     “Spitzer is desperate for money and has continued to prey on victims,” the SEC says in its 26-page federal complaint. The agency says he took $100,000 from an investor as recently as March and paid $9,500 to other suckers as “Ponzi payments,” sent another $27,000 to an offshore bank account, and used $25,257 to pay “third party expenses.”
     Spitzer, 51, is a U.S. citizen. The SEC also sued a slew of his companies, including Draseena Funds Group, Kenzie Financial Management, Aneesard Management, Nerium Management, the Arrow Fund, Conservium Fund, Senior Strength Fund, Security Fund, Three Oaks Fund, Three Oaks Senior Strength Fund, the USFirst Fund, and on and on.

%d bloggers like this: