Arena Capital's McNicholl, Ryan plead guilty over $8.3M Ponzi scheme

Thu, 10 May 2018

By Paul McBeth May 10 (BusinessDesk) - Arena Capital director Jimmie McNicholl and Lance Ryan have pleaded guilty to defrauding about 900 people out of $8.3 million in a Ponzi scheme posing as a foreign exchange trading platform. McNicholl pleaded guilty to obtaining registration as a financial services provider by deception, a charge Ryan pleaded not guilty to, although Ryan admitted charges of false accounting, forgery, reproducing documents with intent to deceive and theft by a person in special relationship, the Serious Fraud Office...

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