Man accused for Currency Fraud
In San Diego today, a foreign currency trade scam was busted when a Hawaiian resident, Mark Todd Hauze, was charged for deceptively using sales agents, website and some other means to illegally gather over $10 million from his investors.
The accusation claimed that Mark Hauze used to tempt prospective investors to put in their funds including retirement accounts funds in a foreign currency trading firm named “Universal Money Tradersâ€.
UMT, located in Solana Beach was falsely represented by Hauze, and he also used to lie about the annual returns of 30 percent or more which were generated by UMT’s foreign currency trading.
He also used to falsely claim that UMT used an assured “stop-loss” system which could limit an investor’s prospective losses to 15 percent in case of every $2,000 trading position. Further misleading his customers, he used to guarantee that they would be obtaining accurate and genuine information about their account and its balances and trading results via easily available online account statements.
The prosecutors also asserted that the fake trading reports led all the UMT customers to believe that their account balances were on the rise, while Hauze had largely dissolved his clients’ funds through the trading losses and high fee charges.
Mark Todd Hauze, 48, is likely to surrender before the FBI soon this week.
He was charged in federal accusation with 11 mail frauds and 8 wire frauds on Wednesday.