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Did some shoveling and errands, now more news, this time in the more immediate neighborhood. HT Cal Skinner, the McHenry County Blog on the arrest of two futures traders for fraud. Here's the complaint. John E. Walsh was arrested at his home in Lake Forest and they caught up with Charles G. Martin of Glencoe in LA. Apparently they were two busy guys, dabbling with their customers' funds. Tribune:
Martin charged over $1 million 'at a strip club and restaurants' over the course of 20 months, the government says, spent $50,000 at toy stores, and used his company credit card to finance $280,000 in jewelry-store purchases.
In addition, the complaint says that Martin and Walsh used hundreds of thousands of dollars they had diverted from One World to finance a never-released movie entitled 'Order of Redemption.'
Is this it?
'Order of Redemption' is a dramatic tale of corruption and self-realization, in which one man has to overcome a deep seeded conspiracy and his own lingering past in order to gain the redemption he desires.
Deep-seeded hmm? Well, they're going to need all the help they can get to redeem themselves.
UPDATE: I got the properly redacted version of this but the initial one is still out there obviously. I guess Patrick Fitzgerald's team has a lot of things on their mind. The complaint makes amazing reading. And we still don't know, who is Client 10?
www.chicagotribune.com/business/chi-thu-one-world-jan08,0,987777.story
the Story:
Pair allegedly used customer funds for personal spending
By James P. Miller | Tribune reporter
January 8, 2009
Federal agents arrested two principals of a Winnetka-based foreign-exchange futures dealer on fraud charges Wednesday, the Justice Department said.
The two men operated One World Capital Group, which was effectively shut down in December 2007 when the Commodity Futures Trading Commission, responding to complaints from customers unable to withdraw funds from their accounts, obtained a court order that froze the company's assets.
The government said customers lost roughly $15 million.
FBI agents arrested One World founder and President John Walsh at his Lake Forest home, said U.S. Atty. Patrick Fitzgerald. Charles Martin of Glencoe was arrested in the Los Angeles area. A criminal complaint unsealed Wednesday charges both men with one count of wire fraud.
According to the complaint, Walsh and Martin improperly diverted to their own use money that customers had entrusted to the firm to fund their foreign-currency trades.
The complaint alleges the men used the misappropriated funds 'to finance a lavish and extravagant lifestyle,' charging personal bills to company credit cards.
One World, founded in 2006, hit turbulence in 2007 when the National Futures Association found improprieties in the course of an audit. The audit findings sparked a rise in the number of customers who sought the return of money they had invested, the complaint said, but the firm couldn't honor those requests.
The Commodity Futures Trading Commission filed a civil complaint against One World and Walsh in federal court in Chicago in December 2007, leading to the asset freeze that has been in place for the past year.
Chicago attorney Kevin Flynn, who is representing Walsh in the One World matter, said he had not yet reviewed the government's criminal complaint, but added, 'I don't believe Mr. Walsh will admit guilt of any criminal conduct.'
Flynn said Walsh has been cooperating with the regulatory agency's investigation of One World, and this week had reached an agreement in principle on a possible resolution of the commission's complaint.
In light of that, Flynn said, 'We were shocked and surprised at the timing' of the government's criminal complaint.
Martin could not be reached for comment.
In a miscue, the U.S. attorney's office in Chicago also released a chart that identified 25 confidential witnesses in the case along with the charges.
A spokesman for Fitzgerald quickly issued a corrected version and asked that the chart sent to reporters be destroyed.
john walsh... sape kenal ni..
Martin charged over $1 million 'at a strip club and restaurants' over the course of 20 months, the government says, spent $50,000 at toy stores, and used his company credit card to finance $280,000 in jewelry-store purchases.
In addition, the complaint says that Martin and Walsh used hundreds of thousands of dollars they had diverted from One World to finance a never-released movie entitled 'Order of Redemption.'
Is this it?
'Order of Redemption' is a dramatic tale of corruption and self-realization, in which one man has to overcome a deep seeded conspiracy and his own lingering past in order to gain the redemption he desires.
Deep-seeded hmm? Well, they're going to need all the help they can get to redeem themselves.
UPDATE: I got the properly redacted version of this but the initial one is still out there obviously. I guess Patrick Fitzgerald's team has a lot of things on their mind. The complaint makes amazing reading. And we still don't know, who is Client 10?
www.chicagotribune.com/business/chi-thu-one-world-jan08,0,987777.story
the Story:
Pair allegedly used customer funds for personal spending
By James P. Miller | Tribune reporter
January 8, 2009
Federal agents arrested two principals of a Winnetka-based foreign-exchange futures dealer on fraud charges Wednesday, the Justice Department said.
The two men operated One World Capital Group, which was effectively shut down in December 2007 when the Commodity Futures Trading Commission, responding to complaints from customers unable to withdraw funds from their accounts, obtained a court order that froze the company's assets.
The government said customers lost roughly $15 million.
FBI agents arrested One World founder and President John Walsh at his Lake Forest home, said U.S. Atty. Patrick Fitzgerald. Charles Martin of Glencoe was arrested in the Los Angeles area. A criminal complaint unsealed Wednesday charges both men with one count of wire fraud.
According to the complaint, Walsh and Martin improperly diverted to their own use money that customers had entrusted to the firm to fund their foreign-currency trades.
The complaint alleges the men used the misappropriated funds 'to finance a lavish and extravagant lifestyle,' charging personal bills to company credit cards.
One World, founded in 2006, hit turbulence in 2007 when the National Futures Association found improprieties in the course of an audit. The audit findings sparked a rise in the number of customers who sought the return of money they had invested, the complaint said, but the firm couldn't honor those requests.
The Commodity Futures Trading Commission filed a civil complaint against One World and Walsh in federal court in Chicago in December 2007, leading to the asset freeze that has been in place for the past year.
Chicago attorney Kevin Flynn, who is representing Walsh in the One World matter, said he had not yet reviewed the government's criminal complaint, but added, 'I don't believe Mr. Walsh will admit guilt of any criminal conduct.'
Flynn said Walsh has been cooperating with the regulatory agency's investigation of One World, and this week had reached an agreement in principle on a possible resolution of the commission's complaint.
In light of that, Flynn said, 'We were shocked and surprised at the timing' of the government's criminal complaint.
Martin could not be reached for comment.
In a miscue, the U.S. attorney's office in Chicago also released a chart that identified 25 confidential witnesses in the case along with the charges.
A spokesman for Fitzgerald quickly issued a corrected version and asked that the chart sent to reporters be destroyed.
john walsh... sape kenal ni..
