More Money Recovered from Alleged Ponzi Scheme

Liquidators have recovered a further $35,000 from clients who go more money out than they put into an alleged Ponzi scheme. A Christchurch forex firm, which traded as BlackfortFX, has been in receivership since May 2015 after the Financial Markets Authority froze its assets and it was put into liquidation shortly after, The New Zealand Herald reported. Liquidators say the company owes about 1110 clients about $7 million and its sole director, Jimmie Kevin McNicholl, has been charged with obtaining by deception Serious Fraud Office. Ninety-five Arena Capital clients were paid out about $2.5 million more than invested with the business, and liquidators KordaMentha trying to get those funds back. Read more.