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Mitchell Graaff : SSG determined to get to the bottom of SA's Ponzi and bring them to justice
Monday, July 13, 2009 | Comments: 0
SAPA PR WIRE SERVICE - SAPA PR WIRE SERVICE
REGISTER WITH SAPONZI.CO.ZA IF FRANKEL TANNENBAUM SCHEME TOOK YOU FOR A RIDE
13 JULY 2009
SSG Forensic Consultants, a division of Specialised Services
Group (SSG), is calling on people that were defrauded by the
Frankel Investment Scheme to contact it at the
www.saponzi.co.za/ web site to help uncover the truth and
bring those responsible for the scheme to justice.
The site is also a useful resource to advise SSG of any relevant
information one may have that could assist in the investigation.
SSG Forensic Consultants was employed by one of the victims of the
scam after they did not receive the payments due to them from the
Frankel Investment Scheme.
This Scheme managed to snare hundreds of high net-worth victims
and has an outstanding debtors book of more than R1.7 billion. The
Frankel Investment Scheme, founded by Barry Tannenbaum, promised
investors abnormally high returns at little risk. The company was
positioned as an importer and exporter of Active Pharmaceutical
Ingredients (API) from foreign countries. It claimed to have a
massive book of orders for these ingredients from major
manufacturers of generic medicines.
SSG Forensic Consultants discovered that the purchase orders
Tannenbaum presented to prospective investors were allegedly forged
and an audit of the company's books by investors found
discrepancies in the debtors' books. Frankel appears to be a
classic Ponzi scheme, where an investment vehicle pays returns to
investors from their own money or money paid by subsequent
investors rather than from profits it makes from its operations.
"SSG Forensic Consultants is determined to get to the bottom of
this scheme and, if possible, to help bring those responsible to
justice," said Mitchell Graaff, CEO of SSG. "We therefore appeal to
anyone who was swindled in thescheme, or anyone who has any
information that could help the investigation to visit the Web
site. Identities and information supplied to us will be kept
anonymous."
Source : Ends /SIVUYILE
Date : 13 Jul 2009 09:44
REGISTER WITH SAPONZI.CO.ZA IF FRANKEL TANNENBAUM SCHEME TOOK YOU FOR A RIDE
13 JULY 2009
SSG Forensic Consultants, a division of Specialised Services
Group (SSG), is calling on people that were defrauded by the
Frankel Investment Scheme to contact it at the
www.saponzi.co.za/ web site to help uncover the truth and
bring those responsible for the scheme to justice.
The site is also a useful resource to advise SSG of any relevant
information one may have that could assist in the investigation.
SSG Forensic Consultants was employed by one of the victims of the
scam after they did not receive the payments due to them from the
Frankel Investment Scheme.
This Scheme managed to snare hundreds of high net-worth victims
and has an outstanding debtors book of more than R1.7 billion. The
Frankel Investment Scheme, founded by Barry Tannenbaum, promised
investors abnormally high returns at little risk. The company was
positioned as an importer and exporter of Active Pharmaceutical
Ingredients (API) from foreign countries. It claimed to have a
massive book of orders for these ingredients from major
manufacturers of generic medicines.
SSG Forensic Consultants discovered that the purchase orders
Tannenbaum presented to prospective investors were allegedly forged
and an audit of the company's books by investors found
discrepancies in the debtors' books. Frankel appears to be a
classic Ponzi scheme, where an investment vehicle pays returns to
investors from their own money or money paid by subsequent
investors rather than from profits it makes from its operations.
"SSG Forensic Consultants is determined to get to the bottom of
this scheme and, if possible, to help bring those responsible to
justice," said Mitchell Graaff, CEO of SSG. "We therefore appeal to
anyone who was swindled in thescheme, or anyone who has any
information that could help the investigation to visit the Web
site. Identities and information supplied to us will be kept
anonymous."
Source : Ends /SIVUYILE
Date : 13 Jul 2009 09:44
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