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September 22, 2003 at 08:00 PM
MIAMI (HedgeWorld.com)–The Federal Bureau of Investigation added Donald C. O’Neill to its wanted list over his alleged involvement in a Ponzi scheme disguised as a hedge fund business.
Mr. O’Neill allegedly raised US$13 million and misappropriated at least US$10 million of that, according to the FBI. Mr. O’Neill raised the money through telephone and Internet solicitations, the FBI said The FBI also noted that a grand jury indicted the former tire representative May 20 for mail fraud, wire fraud and money laundering, the same day that a federal warrant was issued by the U.S. District Court for the Southern District of Florida.
The Commodity Futures Trading Commission took a related legal action on the matter about a year ago, noting that US$10 million of the money raised was from an investment by two Native American Hopi groups, a Fort Mojave Hopi group and the Hopi Tribal Housing Authority .
Eight companies with affiliations to Mr. O’Neill were named in the complaint: Frecom Technology, a Delaware corporation; Shelaley Holdings, LLC, a Nevada corporation; Momentum Trading Group Inc.; NDT Fund LLC; Orca Funds Inc.; Orca Capital Fund A LLC of Florida; Orca Mohave A, LLC; and Orca Hopi A, LLC.
