Liquidators reports reveal scale of Arena Capital/Blackfort FX ponzi fraud

Thu, 20 Oct 2016

By Edwin Mitson Oct. 20 (BusinessDesk) - Documents from the receivers and liquidators of Arena Capital, whose director Jimmie McNicholl has been charged with running a ponzi scheme, show it received more than $9 million from clients even though no forex trading was undertaken. In their first report as receivers of Arena Capital on July 24, 2015, KordaMentha state that clients placed money with the company on the understanding they would profit from trading in the foreign exchange markets. They note: "We are advised that many clients were...

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