SEC v. Joseph S. Forte, et al.

SEC Complaint Against Forte


The SEC complain alleges that from at least February 1995 to the present, defendant Joseph S. Forte ("Forte") has been operating a Ponzi scheme in which he fraudulently obtained approximately $50 million from roughly 80 investors through the sale of securities in the form of limited partnership interests in defendant Joseph Forte, L.P. Forte told investors that he would invest the limited partnership funds in a securities futures trading account in the name of Forte LP that would trade in futures contracts, including S&P 500 stock index futures. Forte continually lost money on the limited trading that he

did, sustaining trading losses of approximately $3.3 million between 1998 and 2008. From the inception of the scheme, the defendants lied to investors about the returns on the trading, reporting to investors annual returns ranging from 18.52% to almost 38%.

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Reference Info:Pleadings | Federal, 3rd Circuit, Pennsylvania | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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