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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.

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Comments

SurfPuppy619 May 25, 2010 @ 9:26 p.m.

There were some "currency traders" in UTC in the late 90's who were all very shady-I wonder if this guy was one of them.

They would not tell you where their office was located or who was running the firm-BIG red flags, anyone who had a brain and heard that baloney and didn't run as fast as they could the opposite direction almost deserved to be scammed.

Don, do you remember International Trading Group ITG,who were peddling commodities back in the 80's, or how about Oxford Investments (which was right across the street from UTC at La Jolla Village Drive and Towne Centre????). What about Walker and Wellington in UTC (originally in OC), another precious metals brokerage......that went BK. Monex from OC also had a UTC office selling the precious metals, but Monex is some what legit, and still in business after 40 years.

You remember any of these firms?

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Don Bauder May 26, 2010 @ 6:49 a.m.

Response to post #1: I remember covering some of the ones you name. San Diego has been a scam haven for decades. Indeed, I have devoted a good part of my life to exposing them. Many are telemarketing operations. Historically, a lot have been based in Mission Valley. In Orange County, Newport Beach is the big haven. The three major havens are South Florida, Southern California and Las Vegas. Of course, the biggest scam center of all is Wall Street, but the public has only lately become aware of that. Best, Don Bauder

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MURPHYJUNK May 26, 2010 @ 11 a.m.

lets hope someone with a long memory is waiting to have a "chat" with Mark when he gets out of the pokey

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Don Bauder May 26, 2010 @ 12:34 p.m.

Response to post #3: Like Dominelli, he may go to another city when he gets out. Best, Don Bauder

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SurfPuppy619 May 26, 2010 @ 4:52 p.m.

Yes, not a good idea to hang around the place you scammed.....

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Don Bauder May 26, 2010 @ 6:50 p.m.

Response to post #5: Some have stayed very close. Last I heard, Gary Naiman was in Orange County. Best, Don Bauder

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