The SEC says Creative Capital (aka Creative Capital Consortium LLC and A Creative Capital
Concept$, LLC) and principal George Theodule started the scheme
in November 2007. Theodule apparently lost at least $18 million of
investors funds through trading stocks and options. He apparently also
combined investor funds with his personal funds and could have spent at
least $3.8 million on himself and his family
, according to the SEC
press release.
The SEC has been under heavy criticism for not catching the Madoff Ponzi scheme earlier. It may have cost investors
$50 billion.
- Maria Woehr
Also see:
See SEC press release
The SEC may have slow to pick up on Bernie Madoff's massive swindle, but it hasn't been entirely remiss on the fraud beat. The comission says it has stomped out another alleged Ponzi scheme, one that collected around $23 million from thousands of investors in Florida's Haitian-American community.
