Naval Academy Grad Charged In Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law Offices:
Bryan Caisse, a 50-year-old United States Naval Academy grad, has been indicted on charges of stealing $1.2 million from his friends in a Ponzi scheme.
Caisse operated a Ponzi scheme through a hedge fund called “Huxley Capital Management.” Caisse claimed that he could earn 8% profits through speculation on government-sponsored, mortgage-backed securities. However, he used the funds solicited from victims to pay for his upscale apartment, private school for his daughter, a car lease and other amenities. As the scheme began to unfold, he gave his investors a series of bizarre excuses to delay redeeming their principal. For example, he told investors that he suffered a concussion which led him to forget amount of money they had invested, or his checks returning their money were lost in the mail.
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