CFTC Charges New Century, Ward Onsa With Operating Ponzi Scheme

The U.S. Commodity Futures Trading Commission (CFTC) today announced that it is charging New Century Investment Management, and it's principal, Ward Onsa, with solicitation fraud, misappropriation and issuing false account statements to commodity pool participants. New Century and Onsa are alleged to have defrauded at least 12 pool participants of a minimum of $2.2 million over a five-year period. The defendants have been accused of hiding losses from investors, creating ficticious statements showing gains that did not exist, and appropriating fund monies for personal use. The CFTC is seeking restitution, penalties, and a ban on future commodity trading for the defendants.