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We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
On October 28, 2008, FPA member NG12 contacted FPA HQ with his suspicions that CRE Capital Corporation (CreCapCorp) was a Ponzi scheme. He chose not to invest in it, but was worried about some of his associates who found guaranteed 10% monthly returns to be too good of an offer to refuse. At first, various members of the forums team handled the correspondence. FPA Investigator Gerard took a look and relayed information back that things did look very suspicious. Eventually, FPA's AsstModerator took over the communications and advised NG12 about how to check further on CRE's status.
On November 10, 2008, NG12 made a posting about how suspicious terms offered by CRE Capital Corporation were. Senior FPA member Pharaoh took a look at the terms and posted his opinion that they seemed very much like something that would be offered by a Ponzi Scheme.
On November 12, 2008, a representative of CRE Capital Corporation named Bob Gaubert contacted the FPA to complain about “False and unsubstantiated comments posted” by NG12 and Pharaoh. The only thing that turned out to be false was that one of the websites that NG12 found that linked to CRE was not associated with them. Mr. Gauber alleged that the company had illegally copied CRE's website. We suspect that their really was a business relationship that soured, but have no proof of this. Mr. Gaubert also complained that NG12 had posted a copy of the company's confidential contract, even though there was no confidentiality statement included in the contract.
Mr. Gaubert also stated that his company was open to further communication to discuss the issues. He was offered a chance to represent CRE Capital Corporation in the FPA's forums to discuss the issue. He chose not to do so.
On January 15, 2009, the US Securities and Exchange Commission filed a “Temporary Restraining Order To Halt Ponzi Scheme” against CRE Capital Corporation and its owner, James Ossie. Simultaneously, the CFTC charged CRE Capital Corporation and James Ossie with running a Ponzi Scheme.
Thus, we officially find that CRE Capital Corporation is a scam. We offer CRE Capital Corporation the chance to resolve this issue in one of two ways. They can do so by returning funds legitimately due to investors or by proving their innocence before both the CFTC and SEC and returning to fulfill the contracts they had with clients in what they claim is their lucrative trading practices.
We thank FPA member NG12 for realizing this was a Ponzi scheme and raising the alarm. We than Lt. Gerard for his efforts researching this company. We thank FPA's AsstModerator and the rest of the FPA Forums Team for assisting NG12 and Gerard with their efforts to check this company out. We thank FPA Master Sgt. Pharaoh for backing up NG12's suspicions in public and for writing the article that accompanies this scam finding.
CRE Capital Corporations is hereby blacklisted by the Forex Peace Army. We urge people who have placed money with this company to immediately contact the SEC and CFTC to secure their claims to whatever percentage of their money is recovered.
Article and discussion thread for this Scam Finding
NG 12's original thread about CRE Capital Corporation
.
On October 28, 2008, FPA member NG12 contacted FPA HQ with his suspicions that CRE Capital Corporation (CreCapCorp) was a Ponzi scheme. He chose not to invest in it, but was worried about some of his associates who found guaranteed 10% monthly returns to be too good of an offer to refuse. At first, various members of the forums team handled the correspondence. FPA Investigator Gerard took a look and relayed information back that things did look very suspicious. Eventually, FPA's AsstModerator took over the communications and advised NG12 about how to check further on CRE's status.
On November 10, 2008, NG12 made a posting about how suspicious terms offered by CRE Capital Corporation were. Senior FPA member Pharaoh took a look at the terms and posted his opinion that they seemed very much like something that would be offered by a Ponzi Scheme.
On November 12, 2008, a representative of CRE Capital Corporation named Bob Gaubert contacted the FPA to complain about “False and unsubstantiated comments posted” by NG12 and Pharaoh. The only thing that turned out to be false was that one of the websites that NG12 found that linked to CRE was not associated with them. Mr. Gauber alleged that the company had illegally copied CRE's website. We suspect that their really was a business relationship that soured, but have no proof of this. Mr. Gaubert also complained that NG12 had posted a copy of the company's confidential contract, even though there was no confidentiality statement included in the contract.
Mr. Gaubert also stated that his company was open to further communication to discuss the issues. He was offered a chance to represent CRE Capital Corporation in the FPA's forums to discuss the issue. He chose not to do so.
On January 15, 2009, the US Securities and Exchange Commission filed a “Temporary Restraining Order To Halt Ponzi Scheme” against CRE Capital Corporation and its owner, James Ossie. Simultaneously, the CFTC charged CRE Capital Corporation and James Ossie with running a Ponzi Scheme.
Thus, we officially find that CRE Capital Corporation is a scam. We offer CRE Capital Corporation the chance to resolve this issue in one of two ways. They can do so by returning funds legitimately due to investors or by proving their innocence before both the CFTC and SEC and returning to fulfill the contracts they had with clients in what they claim is their lucrative trading practices.
We thank FPA member NG12 for realizing this was a Ponzi scheme and raising the alarm. We than Lt. Gerard for his efforts researching this company. We thank FPA's AsstModerator and the rest of the FPA Forums Team for assisting NG12 and Gerard with their efforts to check this company out. We thank FPA Master Sgt. Pharaoh for backing up NG12's suspicions in public and for writing the article that accompanies this scam finding.
CRE Capital Corporations is hereby blacklisted by the Forex Peace Army. We urge people who have placed money with this company to immediately contact the SEC and CFTC to secure their claims to whatever percentage of their money is recovered.
Article and discussion thread for this Scam Finding
NG 12's original thread about CRE Capital Corporation
.
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