USA – Niket Shah of New Jersy, owner of Spark Trading Group allegedly cheated over 15 investors including his friends and co-workers into contributing money to his trading account in USA. Niket allegedly lied about his success as a trader and manipulated his financial statements to make funds appear profitable to investors when they were actually losing money.
The US securities and exchange commission (SEC) a regulator of securities has charged Shah under Ponzi scheme along with case of cheating and stealing over $250,000.
When investors sought their money back, he lied that the money had been frozen by government agencies, including commission. A local court directed to freeze his assets, order against destroying investment documents, and to provide an accounting of all money received.