KNOXVILLE - U.S. District Judge Thomas Varlan said today that he will issue an order forbidding bankrupt businessman Dennis Bolze's two shell corporations from engaging in any more business.
The order follows a hearing in a civil case brought by the Commodity Futures Trading Commission against Bolze and the two firms, Centurion Asset Management Inc. and Advanced Trading Services Inc. The order will also freeze the assets of the two entities.
Several witnesses, including former University of Tennessee and NFL football player Scott Galyon, testified that Bolze promised returns of 15 to 20 percent, misrepresented facts and withheld information when he induced them to invest in what he said was to be day trading in the stock market.
CFTC investigator Mike Tallarico testified that despite having taken in about $20 million from investors around the world, none of Bolze's accounts traded more than $2 million or made a profit.
Bolze, 60, is in jail, facing criminal charges of wire fraud and money laundering. A hearing is set for Wednesday on a motion by federal prosecutors to keep him in jail pending trial.
More details as they develop online and in Wednesday's News Sentinel.
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Comments » 1
nicksjuzunk#646117 writes:
I put 50 cents in an RC cola machine about 12 years back and it didn't even give me my Nehi Grape Soda. I bet this cat was behind that too!
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