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Wednesday, Oct. 24, 2012 | 4:18 p.m.
A Henderson man who authorities said conned investors out of millions of dollars through a Ponzi scheme was to be arraigned on federal charges Wednesday afternoon in Los Angeles.
Gordon Driver, 54, was arrested Oct. 9 in Nevada. He faces two counts of mail fraud, nine counts of wire fraud, two counts of commodity pool operator fraud and three counts of making false statements to the Securities and Exchange Commission, according to Thom Mrozek, a spokesman for the U.S. Attorney’s central California district.
Driver allegedly lied to investors about a commodity futures trading program. Investigators believe he initially received at least $15 million from investors through companies like Axcess Automation LLC and a hedge fund called Axcess Fund LP.
Authorities said he told investors he was producing earnings of 1 percent to 5 percent per week through trades involving e-Mini S&P 500 futures contracts, when in reality, he nearly lost all the money. He also allegedly failed to tell clients that he used their money to pay personal expenses and make Ponzi payments to other investors.
Investigators believe that investors collectively lost at least $9 million as a result of Driver’s scheme.
In addition, Mrozek says Driver faces charges for allegedly making false statements while under oath during a 2009 Securities and Exchange Commission investigation involving two of his companies.
If found guilty on all charges, Driver could face a sentence of up to 275 years in federal prison.
Another financial rapist. Likely living the high life on other peoples money. These guys are the scum of the earth.
You'll see him crying in front of the judge for leniency. His family will be there in support. I don't remember his "leniency" when he was buying BMW's, Maserati's, a house in Southern Highlands and paying off his girlfriend's mortgage. I don't remember his "leniancy" dining on $600.00 Prime Steakhouse Dinners. I don't remember his "leniancy" sitting at the $100 Blackjack table. These guys are all the same, always crying after getting caught. Meanwhile untold investors lose their life savings. Throw the book at him.
If you look at the indictment, it shows a loss of about $800,000 not 9 million.
If you read the ruling from the Ontario Securities Commission. Not just the press release. It says $10 million was returned so there could not be a $9 million dollar loss.
Obviously the authorities are not tell the truth.