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