FBI Has Caught A Detroit Man With Ties To The UAE And Panama For Operating A $100 Million Ponzi Scheme
Robinson is a U.S. citizen who operated the scheme out Panama.
Federal authorities have charged Robinson with committing wire fraud. He appeared in federal court in Detroit today to make his initial appearance. Robinson faces up to 20 years in prison on the charge of wire fraud.
Robinson had been wanted by the FBI for wire fraud and money laundering. Authorities claim he had purported ties to Panama, the United Arab Emirates, and Colombia.
The complaint states Robinson operated a supposed trading firm known as “QYU.”
QYU was located in Panama and the Cayman Islands.
The complaint also alleges that QYU was simply a Ponzi scheme. Also, Robinson did not use investor funds for trading activity. However, QYU used new investor funds to pay other investor distributions. Robinson also used the funds to cover QYU business expenses. In addition, Robinson used funds to compensate QYU employees and fund Robinson’s lifestyle.
In typical Ponzi scheme fashion, QYU investors were also provided with false account statements and fictitious trading data.
The complaint indicates that QYU obtained an estimated $100 million from investors.
QYU represented to investors that it was consistently generating stellar investment results.
That same document claimed the fund did not have a single losing month over that same period. QYU promised investors guaranteed returns and told the firm was only paid on trading profits, not investor principal.
The complaint also alleges a brazen investment fraud that victimized investors around the world.
Law enforcement has identified many apparent QYU investors from southeast Michigan.
FBI also encourages potential victims to contact them at www.fbi.gov/QYU holdings victims.