Description :

Russell Cline

Russell Cline is an American convicted fraudster who used a classic Ponzi scheme to launder money from his investors. Cline established a foreign exchange trading company in the year 1998 and lured in investors with the promise of 60% to 200% of profits for their investments. When the investors had questionable looks on their faces, Cline convinced them with his trading method and connections with the London exchange market which was much effective and brought much investors than he planned. Soon in the year 2002 he announced a loss of 97% due to poor trading values and inflation and so asked the investors to invest again to recover the returns.

In 2003, he was caught off guard by his expensive lifestyle during the time of loss and was investigated later. The investigation exposed his crooky scheme of Ponzi and shocked the investors who have been scammed by him. He was convicted for his money laundering, mail fraud and wire fraud in the year 2005 and was sentenced to 8 years in prison while paying restitution fees of $33 million to his investors.