ATLANTA (AP) - A Florida man is accused of running a Ponzi scheme that took in more than $20 million in less than five years by promising investors an annual return of 50 percent from foreign currency markets.
Manyu Ogale of Jacksonville was arraigned Wednesday before a U.S. magistrate in Atlanta on charges of wire fraud.
The 44-year-old Ogale was accused by a federal grand jury last week of informing investors in his Den Haag Capital LLC that an algorithm he created could determine whether currencies were undervalued or overvalued.
Prosecutors say he sent monthly statements falsely claiming that investments had substantially increased in value, and Ogale used some of the money from later investors to pay substantial returns to some of the early investors.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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