It is that time of year where you have to extremely careful to protect your information with heavy shopping happening and more financial information being passed around and more money being spent, the scammers are on alert and ready to get their piece. It looks like one company located in Maryland is being investigated for what seems like a Ponzi scheme.
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The FBI and the United States Attorney for the District of Maryland are seeking to identify potential victims who may have been defrauded through an investment company called The Smart Partners LLC.
From 2017 until May 2019, Smart Partners was doing business as “1st Million Dollars,” or “1st Million,” headquartered in Largo, Maryland, but solicited investments from victims in Texas, Georgia, New York, Florida and potentially other locations.
The indictment alleges that the defendants persuaded or attempted to persuade investors to provide them with wire transfers, checks and cash totaling more than $28 million from numerous victims under the fraudulent pretense of investing in the foreign exchange and cryptocurrency markets. Analysis has revealed financial activity consistent with a Ponzi scheme in which Jali, Frimpong and Johnson allegedly diverted substantial amounts of investor funds for personal use and to pay back earlier investors.
Source: WBALFollow @â€˜magicbaltimoreâ€™