Dennis Bolze, age 60, of Gatlinburg has been indicted for wire fraud and money laundering by a federal grand jury according to a news release from U.S Attorney James R. Deadrick. He is charged with on several counts including three for money laundering and three for wire fraud.

According to the indictment, it alleges that Bolze put together a scheme to defraud many people who used him as an investment manager for his company, Centurion Asset Management, Inc. (CAM) and Advanced Trading Services, Inc.  a day trading companies. They were trading E-mini NASDAQ futures contracts and E-mini S&P 500 futures contracts.

According to the indictment Bolze is charged with collecting millions of dollars of his acquaintances and business associates money under false pretenses. He then failed to invest the funds as promised and misappropriating and converting his investor's funds to his own benefit without investors' knowledge or authorization.  "Rather than investing all of his clients' funds in futures contracts, Bolze ran a Ponzi scheme by diverting new investor funds to existing investors," the news release states, "thereby lulling the existing investors into believing that they were in fact receiving a return on their investment through the day-trading of futures contracts."

Bolze, was arrested in Pennsylvania in March on a federal criminal complaint.

... read the rest of the story by Subscribing now.