NEWARK, N.J. – A North Carolina man was charged today for defrauding at least 25 people by operating a Ponzi scheme, U.S. Attorney Philip R. Sellinger announced.

David Schamens, 64, of Greensboro, North Carolina, is charged by complaint with one count each of wire fraud, securities fraud and money laundering. He is scheduled to have his initial court appearance in Newark federal court on March 8, 2022.

According to the criminal complaint and statements made in court:

Starting in 2014, Schamens fraudulently solicited investments in various entities he controlled, including TD Trading LLC, TFG Trading LLC, TradeStream Analytics LTD, Tradedesk Financial Group Inc. and others, under the promise of annual rates of return of 12 percent to 30 percent. In 2019, Schamens began to solicit investment in Tradestream Algo Fund, an algorithm-based trading pool that he claimed to have developed. In each instance, Schamens directed investors to wire funds directly or to transfer portions of their Individual Retirement Accounts (IRAs) to bank accounts he controlled.

To continue reading the rest of the article, please click on the source link below:

https://www.justice.gov/usao-nj/pr/north-carolina-man-charged-wire-fraud-securities-fraud-and-money-laundering-connection