RALEIGH -- A Raleigh man suspected by sovereign officials of defrauding investors of at slightest $700,000 in a Ponzi intrigue was arrested Wednesday on state rascal charges.
Dennis Todd Hagemann, 41, of 4715 Cardinal Grove Blvd. in Raleigh, has been charged with dual counts of bonds rascal and one equate of obtaining skill by fake pretenses. He is being hold in the Wake County prison on a $250,000 cumulative bond.
According to a censure filed by the U.S. Commodity Futures Trading Commission, Hagemann and the association he owned, Yellowstone Partners, fraudulently solicited at slightest $700,000 from at slightest 9 individuals. The censure says Hagemann lured impending business with the awaiting of fast creation large increase by trade in off-exchange unfamiliar currency.
The censure says Hagemann usually invested $200,000 of the income he was since in unfamiliar sell trade accounts. Instead, it�s supposed he wasted the alternative $500,000 for his personal have use of or to have supposed distinction payments �akin to a �Ponzi� scheme.�
The censure says Hagemann secretly claimed as not long ago as last year that he had Russian contacts that could assistance with investments, together with an unnamed particular who allegedly had connectors to former Russian Federation President Boris Yeltsin. Hageman unsuccessful to surprise investors that Yeltsin was deceased.
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