Michael Philip Atkins was a director Singapore-based firm Aureus Capital at time of offence.
The operation was run in the style of a classic Ponzi, where purported returns to clients were paid using the funds from other clients.involving more than $18 million from over 1,300 clients was sentenced to three years and three months’ jail on April 25.
The operation was run in the style of a classic Ponzi, where purported returns to clients were paid using the funds from other clients. At the time of the offence, Aureus Capital maintained two trading accounts with Oanda Asia Pacific, a separate company which offers foreign exchange trading. Instead of using the monies for forex trading, more than $14.7 million was used for other purposes, such as paying Aureus Capital’s directors, including Atkins.Weekly statements sent to clients concealed the fact that only a small portion of clients’ funds was used for forex trading.
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