KGTA: Akron-area Ponzi scheme took in nearly $21 million from 47 people, SEC lawsuit says

Seven people in the Akron area and other parts of Northeast Ohio are charged with scamming nearly 50 people out of more than $20 million in what federal investigators allege was a significant Ponzi scheme involving a fake oil and fuel-trading business. Federal court records show the FBI and U.S. attorney generalâ??s office are pursuing a criminal investigation as well, including the convening of a grand jury. The Securities and Exchange Commission said it filed suit to stop the investments in KGTA, to seek civil penalties and to get the repayment of investor funds…   To read the full story click here.

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