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GOLD SCAMMER..PONZI SCHEME ..(2)

Posted by andriantoangkadirjo85 on November 1, 2011

Hi,

In my previous post, click here, I wrote that anyone can be taken by this Ponzi Scheme..no exception. Each scheme seems to have their own target, ‘passion group’, as they called it. The people who say they would never get victimized are also in ‘passion group’, ’cause they will use your confidence against you and you would fall for it. Man more so than women. Women are actually harder to victimized because their ego and self-confidence aren’t as likely to get the best of them. And woman like to ask questions and talk about things . Ponzi Schemers hate this. Men assume they know everything. It is so easy to take a man.. THIS IS ABSOLUTELY TRUE.. You can continue reading and note how’s the telemarketers of this scammers company worked their victims.

This time, I post about PONZI SCHEME case in the form of GOLD SCAMMER.. Here’s the story :

Owner of Three Precious Metals Firms Jamie Campany, Charged in $25 Million Precious Metals Investment Scheme

jamie_campany

Jamie Campany, 47, of Palm Beach County, has been charged in a Criminal Information with multiple counts of mail and wire fraud. The Information charges Campany with five counts of mail fraud and four counts of wire fraud, in violation of Title 18, United States Code, Sections 1341 and 1343, respectively.

Campany was the owner of three investment firms specializing in purported gold, silver, platinum, and palladium bullion purchases on behalf of individual clients. Among his companies were Global Bullion Exchange, LLC (“Global”), in Lake Worth, Florida, and various affiliated licensee businesses throughout Palm Beach, Broward and Miami-Dade counties and other locations outside of Florida. In addition to Global, Campany owned and operated two predecessor firms, Barclay Trading Group, Inc. (“Barclay”) and The Bullion Group, Inc., both with offices in West Palm Beach.

Campany’s three businesses conducted a sophisticated telemarketing operation to solicit investors to purchase precious metal bullion using purported “leverage” financing. These same investors were led to believe that they would need only to provide a fraction of the total cost of the purchased metals, with the remainder of the purchase price to be covered by margin-type financing, which would purportedly be extended to the investor by a purported “clearing firm.” Many of the firms offer clients a chance to buy precious metals and have them delivered to their homes or stored in a secured location. Most choose storage. Customers are told they can buy “on leverage” — meaning they can obtain financing so they can purchase more metals. For example, a customer could put down $1,000 to buy $5,000 worth of gold.

From about September 2006 to April 2007 when Barclay was succeeded by Global, the purported “clearing firm” with which Barclay had initially associated began delaying and ultimately ignoring requests by Barclay’s customers to sell their precious metals investments. As a result, the unsatisfied clients began to complain and threatened Barclay with litigation. In addition, the clearing firm’s failure to sell the clients’ holdings left Barclay insolvent. In an attempt to prevent further complaints, litigation, and possible governmental enforcement action, Barclay began to satisfy its clients’ requests for liquidation of their investments by making payments to these clients using funds it had received from newer investors.

After Global succeeded Barclay, Global continued this same Ponzi strategy. Global thereafter used Diversified Investment Group, Inc. (“Diversified”), a shell company controlled by defendant Campany, as its purported “clearing firm.”   In fact, no bullion was purchased, even though clients paid substantial commissions and fees totaling approximately 18% of the total purported value of the metal allegedly purchased.

Campany also misrepresented to the investors that their holdings had been financed through so-called “margin” credit. Thus, the investors were charged substantial interest on these non-existent “loans” and were subjected to periodic false “margin calls” during market declines. A margin call required investors to supply additional funds upon demand to increase their account equity levels. Moreover, investors who could not comply with such “margin calls” were informed that their investment positions had been forcibly liquidated and taken by Diversified as a secured creditor.

In a recent litigation filed in Miami-Dade Circuit Court by a court-appointed assignee, it is estimated that more than 1,400 investors were defrauded by Campany’s scheme out of more than $25 million. Campany faces a maximum sentence of twenty years’ imprisonment and a maximum $250,000.00 fine for each of the Information’s nine counts. A federal judge next month will sentence the man who authorities say took advantage of the boominggold market, by scamming more than 1,400 people out of tens of millions of dollars.

But before he goes to prison, the mastermind of the scheme, Jamie Campany, sat down with ABC News’ Chief Investigative Correspondent Brian Ross to reveal how he tricked his hundreds of victims out of nearly $30 million.

The most promising victims of the gold scam, Campany said, were spotted through Google earthsatellite images. Campany and his team matched phone leads to addresses to find victims with the biggest homes, and therefore the most money to invest in gold and silver. But in reality, there was no gold despite the legitimate-looking transaction papers from the Global Bullion Exchange — a company that Campany said was “completely bogus.”

The Global Bullion Exchange was an invention of Campany’s, who took ABC News back to the now-empty telephone boiler room inFlorida where his telemarketers worked their victims, mostly upper middle class business people who Campany said let their egos get the best of them. 

“Quite frankly, little old ladies are a lot more astute and a lot more skeptical about making investments with people they don’t know,” he said.

The pitch worked off the falling stock market and the rising price of gold as Campany recalled his lines for ABC News.

“Come on. Everybody knows what’s going on in the markets today. Are you living in a cave?” he would say.

There was an answer for everything — even if victim’s protested by saying they didn’t have any money.

“Sure you do,” Campany or one of his telemarketers would say. “You’ve got a 401k, you have a stock portfolio… You have dead dogs that are not performing.”

Dave Blomberg ofHialeah,Fla., said he was caught up in the scam after he received those calls.

“I did end up giving them a considerable amount of money, cause I thought if I invested more, I would get the money back,” Blomberg said.

He never will, losing $75,000, and nor will the other investors. By the time the scheme collapsed and this place was shut down, all the money was long gone.

When the investment scheme collapsed in December 2009, more than 1,400 investors were out at least $29.5 million, according to court records. Most of that money had been raised by Lake-Worth based Global Bullion Exchange, which was formed by Campany in 2007. A Sun-Sentinel investigation documented that the majority of the firm’s 20 largest clients were senior citizens, and most of the money raised by the business in 2007 and 2008 went to brokers’ commissions.

As part of his plea agreement, Campany acknowledged that he took Global Bullion Exchange customers’ money with no intent to ever buy the promised precious metals.

“I think about it every day. These people have to live with the pain that I caused them,” Campany said. “It’s going to hurt them for the rest of their lives. Hopefully this is one way I can stop it from happening to anybody else.”

andriantoangkadirjo85 bottom line

– Global Bullion Exchange was one of a wave of more than 45 precious metals firms that set up shop in Broward andPalm Beachcounties within the last four years, offering gold, silver and palladium via heavily financed transactions. In an environment devoid of federal licensing or reporting requirements, convicted felons and people with checkered regulatory pasts were able to open businesses with little — if any — scrutiny, a March investigation by the Sun-Sentinel found.

– A new law took effect in July that gives the U.S. Commodity Futures Trading Commission oversight of precious metals transactions when the metals aren’t physically delivered to the customer or a third-party location within 28 days.

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One Response to “GOLD SCAMMER..PONZI SCHEME ..(2)”

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