Forex
Forex Trader Haena Park Lost $14 Million Investors Fund
U.S federal prosecutors have accused a New York based fund manager, Haena Park, of scamming over 30 forex investors of at least $14 million in a Ponzi-like style.
According to the Securities and Exchange Commission (SEC) on Thursday, Park lied about the profitability of her strategies in foreign exchange (forex) and futures trading, and covered her losses to lure more investors so she could raise money to pay early investors.
The SEC alleges that “Park used doctored monthly statements to cover up her losses and paid back early investors with new money invested in the fund, an arrangement the SEC described as “Ponzi-like.”
The SEC is bringing a civil action against Park, while the U.S. Attorney’s Office for the Southern District of New York plan to pursue criminal charges.
Haena Park, 40, attended Harvard University and has worked at various financial firms between 1998 and 2008.
Park who ran her fund from an office on 6th avenue, according to the SEC filing, didn’t respond to a request for comment as at the time of writing.