On October 28, 2010, Perry Griggs and his wife, Rachelle, were indicted by a federal grand jury in the United States District Court, District of Hawaii, Honolulu, Hawaii, on thirteen counts of wire and mail fraud relating to an alleged ponzi scheme they operated from September of 2005 through June of 2009. The Griggs operated a company purporting to be in the business of commodities trading on behalf of clients. It is alleged that the investment program was actually a ponzi scheme in which investors’ returns were derived from their own principal investments and money from later investors. The company allegedly received approximately $3 million from twelve separate investors, nine of whom resided in Hawaii.
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