{"id":11458,"date":"2015-04-23T18:32:58","date_gmt":"2015-04-24T01:32:58","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=11458"},"modified":"2015-04-23T18:32:58","modified_gmt":"2015-04-24T01:32:58","slug":"man-conned-victims-out-of-15-million-via-ponzi-scheme-involving-sp-500-trading","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=11458","title":{"rendered":"Man Conned Victims out of $15 Million Via Ponzi Scheme Involving S&P 500 Trading"},"content":{"rendered":"

\"Ponzi<\/a>LOS ANGELES<\/strong> \u2013 A 58-Year-old Nevada resident admitted Thursday in federal court to ripping off victims by saying he was making profits of 1 percent to 5 percent a week through a commodity futures trading program involving E-mini S&P 500 futures contract, officials said.<\/p>\n

Gordon Driver,<\/strong>of Henderson, Nevada, plead guilty to two felony counts of federal wire fraud and false charges related to a Ponzi scheme<\/strong>\u00a0involving at least $15 million, according to authorities.<\/p>\n

Driver is facing up to 25 years in prison.<\/p>\n

In a plea agreement, Driver admitted that he falsely told victims that he was making profits of 1 percent to 5 percent a week through a commodity futures trading program involving E-mini S&P 500 futures contracts.<\/p>\n

Driver also told victims that he had never sustained a monthly net loss as a result of his trading.<\/p>\n

In reality, his trading activity was overwhelmingly unprofitable, causing him to lose nearly almost all the money that he used to trade commodities.<\/p>\n

Investigators believe that Driver took in at least $15 million and that investors \u2013 including several Southland residents and people in Canada \u2013 collectively the victims lost at least $9 million as a result of the scheme.<\/p>\n

Driver solicited investments through Nevada-based companies with names like Axcess Automation LLC,<\/strong> which was under investigation by the Securities and Exchange Commission<\/strong> in 2009 when Driver testified under oath, officials said.<\/p>\n

Driver testified that he lied and told victims that did not have a monthly negative return during the second half of 2007.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

LOS ANGELES \u2013 A 58-Year-old Nevada resident admitted Thursday in federal court to ripping off victims by saying he was making profits of 1 percent to 5 percent a week through a…<\/p>\n","protected":false},"author":1,"featured_media":254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[77],"class_list":["post-11458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-ponzi-scheme"],"yoast_head":"\nMan Conned Victims Using Ponzi Scheme<\/title>\n<meta name=\"description\" content=\"A Nevada man conned victims through a Ponzi scheme that resulted in millions of dollars in losses to victims\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cjnotebook.com\/?p=11458\" \/>\n<meta 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