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Various Authors 11:01 a.m., Dec. 10
Mark Todd Hauze, whose foreign currency Ponzi scheme had similarities with the J. David Dominelli scam of the 1980s, was sentenced today (May 25) to 9 years in prison and three years of supervised release. According to the U.S. attorney's office, which handled the prosecution, Hauze through his Universal Money Traders took $10 million from the public, promising an annual return of 30% or more. (The late J. David "Jerry" Dominelli promised as much as 45%.) Like Dominelli, Hauze siphoned off investor funds for his personal use, such as buying luxury cars. He also used new money to pay off other clients -- a Ponzi scheme, a la Dominelli. Hauze, like Dominelli, sent false statements to investors who thought their pot was growing. Dominelli's scam was eight times larger in dollars, however.