Forex to Ponzi Part 2

Roberts claimed that the returns from Forex Trading was good. The interest paid to “investors” ranged between 4% to a high of 10%. In the USA, he even shared with them the historical data to prove it. Investors were asked to send money overseas to an investment account in Costa Rica, where he also had operations, but from time to time he used accounts in the USA, Switzerland and Belize.

 James Blackman Roberts , the man behind FOMAC International Inc. an alleged FOREX trading club that became a PONZI, eventually pleaded guilty. Here are more details.

A Heber Springs man who held himself out as an investor of other people’s money, leading to losses of more than $44 million, has pleaded guilty in federal court in Little Rock to a felony charge of wire fraud.

James Blackman Roberts, 70, admitted to U.S. District Judge Susan Webber Wright on Wednesday that he had devised and participated in a scheme to obtain money by false or fraudulent pretenses in connection with trading in foreign securities, said Jane Duke, U.S. attorney for the Eastern District of Arkansas.

Roberts, operating at times as FOMAC International Inc. and Consultores Las Tres Americas S.A., engaged in online buying and selling of currency.

Duke said Roberts would present investors with promotional material claiming an investment program would “give the small working-class depositor the opportunity to take advantage of the attractive high yields possible … and realize a steady monthly income to supplement his or her regular income or retirement income.”

He would later provide investors with false historical data reflecting monthly returns to investors ranging from 4 percent to 10 percent, and annual returns of 48 percent to 120 percent, Duke said.

She said Roberts instructed investors to wire money to a specific investment account in Costa Rica, but he also used accounts in the United States, Switzerland and Belize.

“Losses to the investors are estimated at this time in excess of $44 million,” Duke said.

Heber Springs man guilty in fraud case -From the Arkansas Democrat-Gazette

Look out for part 3 where we look at  the operations in Costa Rica.


3 Responses

  1. FYI: I did a White Pages search on Ingrid and Lisea Loiten. It’s interesting to see that both have an address in Virgin Islands.

    Background Report for Lisea Loiten
    Address History for Lisea Loiten includes the following citie(s):
    2 addresses in ST THOMAS VI
    2 addresses in FORT LAUDERDALE FL
    1 address in SAN JUAN PR
    1 address in CHARLOTTE AMALIE VI
    10 addresses in Orlando, FL

    Name Age Phone Address City/State Premium Information

    1 Ingrid Loiten – Charlotte Ama, VI View Details

    9 More Records for Ingrid Loiten
    Name City State Age People Report
    Lisea Loiten Lauderdale Lakes FL
    Age 37 View Details
    Kathleen Loiten Lauderhill FL
    Age 67 View Details
    Kathleen Loiten Lauderdale Lakes FL
    Age 67 View Details
    Lisea Loiten Orlando FL
    Age37 View Details
    See all Records for Ingrid Loiten. Powered by 1.800.US.Search

  2. This person also has an address in South Africa

  3. Is Michael Missick a friend of DS?

    Email Article Print Article
    Sept. 1, 2008 – Your Demons Have Come Home To Haunt You – By Oswald O. Skippings

    By Oswald O. Skippings

    Honourable, Honourary Doctor Michael Misick, let me remind you what got you in the sad, helpless, desperate state that you now find yourself. A good place to begin is to remind you that you have categorically declared in parliament your separation of church and state. You then proceeded to sternly rebuke the clergy of this country when they were humbly trying to advise you on the gambling bill, and in essence bluntly instructed them to back off when you told them outright to run the church and allow you to run the Government.

    Oswald O. Skippings is a former Chief Minister of the Turks and Caicos Islands and is currently the Deputy Leader of the Official Opposition, the PDM.

    Honourary Doctor Premier, you must realize that when you divided or separated God from government, you were busting the doors wide open for your demons to enter without restrictions. Now your demons have come home to haunt him. You have consistently conducted a public religious masquerade, repeatedly shed crocodile tears completely sanctioned by imported highly paid evangelists and local bishops and pastors at prayer breakfasts, made public confessions, and last but not least, passed around stuffed envelopes to pastors. I have never seen such spiritual shenanigans anywhere in the world. This is what is referred to as spiritual wickedness in high places

    Now your celebrity world is crumbling around you. The commission of inquiry is upon you investigating massive corruption, the United States are bearing down on your head with money laundering and possibly fraud indictments, not to mention rape charges of one of its citizens. Then there are pending rape charges here at home, the economy is devastated, and there was an advisory by the FBI on Friday morning 29th. August, stating that you are facing indictment in the USA. So you are now appealing to the nation for a national day of prayer and fasting. Let me advise you that prayer and fasting by the saints in this country is what has so far prevented this nation from total disaster by your hands.

    However, if you are sincere and you want to find favor with God, then show that you have a repentant, broken and contrite heart. That I guarantee you, he will not despise. Demonstrate a heart with the intention to be fair and just. One such way is to apologize to the people and to the peoples’ loyal opposition for depriving them access to the media, and show some desire to be fair and just.

    Apologize to Honorable Arthur Robinson for assaulting him and to Mr. Shaun Malcolm for stealing his camera and illegally disposing of his film. Apologize to the Opposition for your dictatorial approach in Parliament by disallowing their questions thus violating their parliamentary rights and privileges. Apologize to this nation and the opposition for being a dictator and totally disregarding the standing orders of the house of Assembly by railroading a previously unannounced, uncirculated and unpublished media bill through parliament and passing it in the same session, a bill that the opposition hadn’t even heard of before getting to parliament, a bill in which the opposition was given one hour per year on TCI New Media.

    Honourable Premier, if you are serious and not toying with God and manipulating the people once again, speak out and inform WIV that their license would be cancelled, (if indeed they have one) if they proceed to censor Reverend Bradley Handfield for preaching the unadulterated gospel, rebuke them in the same breath for censoring the PDM for speaking the truth in representing our country and people. Let WIV know in no uncertain terms that this sort of blatant human rights violations would not be tolerated in this so called democracy which is not yet even independent but is still an overseas territory of Britain.

    Honourable honorary doctor Michael Misick, your bishop can tell you that all those prayers and the fasting will be in vain without reconciliation and sincere confession. As a matter of fact before you made such a public spectacle of yourself on this spiritual matter, you should have sought spiritual advice from your spiritual advisor and he would have told you that GOD DON’T BLESS MESS.

    You need to read Proverbs 1:24-29 in case you are too busy for that let me just quote it here and now for you. “Because I have called, and ye refused; I have stretched out my hand, and no man regarded; But ye have set at nought all my counsel, and would heed none of my reproof: I also will laugh at your calamity; I will mock when your fear cometh; When your fear cometh as desolation, and your destruction cometh as a whirlwind; when distress and anguish cometh upon you. Then shall they call upon me, but I will not answer; they shall seek me early, but they shall not find me: For that they hated knowledge, and did not choose the fear of the LORD”

    Just two weeks ago you were crowned King and presented with an eagle. Well you should have been told at that same time what happens when a king loses his anointing and when an an eagle stirs her nest. But I’m sure you do remember being told by one pastor who had the guts to hold say to you what his spiritual discernment led him to say when he told you that you have been rejected by the Lord. Well King Mike, the same thing happened to King Saul, remember?

    Mr. Premier do you remember the alter call and the testimony service on the parade grounds during the last election campaign, playing with God? Didn’t your advisors tell you what is blasphemy and sacrilege? Do you remember the sacred worship songs where Christ’s name was replaced with yours during the campaign and you just soaked it all up. Mr. Premier if your spiritual advisors failed to tell you that God is also a terrible God, then let me tell you and also let me tell you that GOD IS NOT MOCKED.

    Oh by the way, you might also consider apologizing to Shaun Malcolm and all the other PDM supporters for confiscating their land and you just might want to do the right thing just this once and give them their land back. You are talking about prayer and fasting AND ASKING God for mercy, but You see before you can give God your gift, you must first leave your gift at the altar and go and reconcile with your brother.

    Finally, Honourable Premier, the most profound action of restitution you may take to demonstrate your sincere apology and your care for this nation, is to forthwith resign your office as Premier, and spare this disgraced country and people any further shame and disgrace at home and abroad. This my friend, would be the answer to much prayer and fasting that has already gone forth throughout the length and breadth of this devastated country.

    You see, you can deceive the electorate and manipulate them for your own evil motives, but you can’t do that to God, because; “when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape”.

    King Michael, it’s time to stop this folly. When King Belshazzar King of Babylon refused to stop, the writing appeared on the wall; And this is the writing that was written, MENE, MENE, TEKEL, UPHARSIN. This King Michael, is the interpretation of the thing MENE; God hath numbered thy kingdom, and finished it. – TEKEL; Thou art weighed in the balances, and art found wanting and UPHARSIN; Thy kingdom is divided, and given to the Medes and Persians.

    Well King Michael, you didn’t understand what you were doing when you were dividing your kingdom; dividing Church from State; Dividing Turks against Caicos and Caicos against Turks. But let me just give you some insightful and revealing advice and please don’t miss this. I admonish you not to find too much comfort in the fact that there are no Persians to receive your Divided kingdom, and there are indeed no Medes. For you may rest assured, they are indeed here already, praying , fasting and waiting on God, to receive your divided kingdom to heal it, restore it, unite it and make its people proud to be Turks and Caicos Islanders once more.

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