nobsMailing List
Sign up for our free monthly e-newsletter.
nobsNetwork
Nobs Network Forum Nobs Invest - Nobs Investment Community Nobs Forex Blog Forex for Beginner
nobsPopular Entries
Thanks to victimtoo, one of our reader.
Mr. Johnson Jerry Russell, formerly known as the Fast Market Administrator is in trouble with Alberta Securities Commission, you can read more about it in this pdf from ASC here.
FAQ on ASC
The Alberta Securities Commission (ASC) is the regulatory agency responsible for administering the province’s securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.
We develop and enforce securities regulation, and offer impartial educational information and resources to Albertans about the investing process.
So who says you can’t do anything to scammers?
Popularity: 2% [?]
Ah, that’s interesting. I almost forgot this scam
lol, this is the one that gives you $50 for sign up if I didn’t remember wrongly, yes?
Yeah, I just played with their $50 as far as I remember
Ah, yes.. Fastmarket. A lot of people thought this one was real for a while (at the time)… I wonder how many millions that dirtbag ran off with?
BTW - this Johnson guy isn’t “David Janis” is he? He’s probably just somebody with ties to FM?
Ah man, I should have played with the $50 then. lol.
David Janis? From?
Jude, “David Janis” is what the admin of FastMarket called himself… of course I highly doubt that is his real name…
Hey Jude,
Reading through that PDF, from Alberta Securities, it’s really got nothing to do with the administration of FastMarket.
What it says is that guy in Canada, pooled money, in person, saying he was investing it. He then threw it into various crap, alledgdly putting most in to FastMarket.
So sadly, not getting the FastMarket scammers, but atleast that dummy in Canada got caught for what he was doing.
Ah.. So it’s someone pooling money and dumped everything in FM?
Yep so it seems. Then when he couldn’t pay back his investors, most likely because FM scammed, he got turned in to authorities.
I lost $500 in FM, not much…
Jan 6, 2007, 23:34
Email this article
Printer friendly page
A high-profile Lethbridge investment dealer has been handed a life-long ban on trading securities.
Jerry Russell Johnson, 56, was also fined $100,000 plus costs after failing to appear Friday for an Alberta Securities Commission hearing. He’d been ordered to appear on charges of illegal trading, misrepresentation and acting contrary to Alberta’s recognized code of conduct and ethical practices for securities representatives.
“Neither Mr. Johnson nor his counsel showed up for the hearing,” says commission spokesperson Mark Dickey.
When that happens, he says, the commission is entitled to conduct the hearing in the absence of the accused and to issue an order based on its findings.
On top of the fine, plus $10,000 costs, Johnson was handed a permanent cease-trading order, a permanent “market ban,” a permanent denial of any exemptions for which a salesperson in good standing might apply and a permanent ban on being a director or an officer in any Alberta company.
If a fine is not paid within the required time, Dickey says, the commission can take the matter to the province’s Court of Queen’s Bench for enforcement by way of property seizure, wage garnishee or other appropriate means.
“We will use the legal means available to see these judgments are enforced,” he says.
Johnson, former host of a commodity futures show on CISA 2&7 (now Global TV) and later on Shaw Cable, was registered as a securities salesperson from 1980 until June 2005. That month, the commission says, he was fired from a Lethbridge securities agency “for having unauthorized personal financial dealings with clients.”
The Investment Dealers Association of Canada later expelled Johnson as a member, the commission points out, after holding a hearing into his conduct. Another Lethbridge firm had fired Johnson five years earlier, the commission says, “for borrowing in excess of $340,000 from clients without his dealer employer’s knowledge or authorization.”
More recently, commission investigators say, Johnson entered into “loan agreements” with long-term clients and friends — offering a return of up to 188 per cent — as recently as April.
Johnson collected about $2.5 million from 35 of those “investors,” the commission says. He allegedly placed most of those funds in an off-shore Internet operation known as Fast Market Ltd., which claimed to run a high-yield investment program generating returns as high as 2.5 per cent per day.
“While soliciting funds from the investors, Johnson was either vague or silent in his explanations to investors about what he intended to do with the money and how he would provide investors with a return,” the commission says.
“None of these investments generated sufficient income to pay the investors, or any income at all, and Johnson used newly borrowed funds to honour repayment schedules in previous loan agreements.”
The commission adds, “He also used some of the funds to pay his personal expenses.”
The Johnson case was the Alberta commission’s second hearing involving Lethbridge businessmen in recent months.
So, Jude, rrideblitze, and cashking- You think a twenty year vetren commodities broker neively invested 3 million of stolen money in to an internet scam???
More likely used fastmarket as a scape goat excuse for simply spending it on himself.
But, if you like fiction, then the first story would have to involve a face to face meet with FM before investing wouldn’t you say?
So then Mr Johnson knows who “Janus ” is?
But I’m still thinking “Janus” is Jerry Johnson. Shake the tree hard enough it will all fall out.
I still can’t believe someone could dupe people for so long and not ever be charged? He has been doing this for ten years.
His exwife lives in Lethbridge. Maybe she knows something.
doofus, you seem to know a lot, how can I get in touch with you?
doofus - no, i don’t really think he threw 3mil into FM, unless of course he was an idiot. Which is quite possible, if you look at what he did, the lying scum.
he probably spent it on himself, cars, etc. maybe he threw a few dollars in FM for fun or something, which is how he knew about it and then, used it as a scape goat as you say, when he had spent up all the money, and the people wanted their returns.
but alas, either way you look at it, it isn’t the FM scammers getting caught. its just some schmuck in canada that got a little too greddy.
No body git tin dere money back sooon. Dats fo shure.
But why are charges not being laid ??.
PS. Screw FM and all who invest in intenet HYPS. There nuts. the lot. 2% per day?????
Screwy I tells ya. Srewy says I. Scewy says me.
Maybe charges will be laid.
http://hyipblog.nobshyip.net/2005/12/23/fastmarket-admin-quiting/?pollresult=8
check this out
Local News
Police charge investment dealer
By KRISTEN HARDING
May 2, 2007, 15:49
A high-profile investment dealer and former host of a local commodity futures TV show has been charged with bilking investors out of more than $2 million.
Jerry Russell Johnson, 56, was also recently issued a life-long ban on trading securities and fined $100,000 by the Alberta Securities Commission after failing to appear at a hearing in January to answer to charges of illegal trading, misrepresentation and unethical practices.
Lethbridge regional police charged Johnson with one count of fraud over $5,000 last week following a lengthy investigation that began nearly two years ago when members of the economic crimes unit received complaints of a fraudulent investment scheme.
“Historically we’re starting to see these (kinds of crimes) pop up more and more,” said Staff Sgt. Scott Penich. “Fraud is a big-money crime.”
Police say between October 2004 and April 2006, Johnson allegedly defrauded more than 50 victims, mostly from the Lethbridge area, of more than $2 million. Johnson has been released to appear in court June 13.
“Cases involving this amount of money are pretty rare for southern Alberta,” said Penich.
Johnson hosted Commodity Futures Magazine which aired in the late 80s and 90s on CISA 2&7 (now Global TV) and later on Shaw Cable. He was a registered securities salesman from 1980 until June 2005. That month, according to the Alberta Securities Commission, Johnson was fired from a Lethbridge securities agency “for having unauthorized personal financial dealings with clients.”
The Investment Dealers Association of Canada later expelled Johnson as a member following a hearing into his conduct. Another Lethbridge firm had fired him five years earlier, the commission pointed out, “for borrowing in excess of $340,000 from clients without his dealer employer’s knowledge or authorization.”
Commission investigators told The Herald in January, Johnson had entered into “loan agreements” as recently as April 2006with long-term clients and friends, offering a return of up to 188 per cent.
Investigators allege Johnson collected about $2.5 million from at least 35 investors and placed most of the funds in an off-shore Internet operation known as Fast Market Ltd., which claimed to run a high-yield investment program generating returns as high as 2.5 per cent a day.
“While soliciting funds from the investors, Johnson was either vague or silent in his explanations to investors about what he intended to do with the money and how he would provide investors with a return,” the commission said.
“None of these investments generated sufficient income to pay the investors, or any income at all, and Johnson used newly borrowed funds to honour repayment schedules in previous loan agreements.”
The commission added he also used some of the funds to pay for personal expenses.
Penich says to help reduce the chances of becoming a victim, would-be investors are advised to do a little homework before handing over their hard-earned cash.
“You need to know your investment person,” he said “Are they accredited with a reputable company, do they have a good reputation.”
Penich adds if something sounds too good to be true, it probably is.
“Where the return is greater than anything you’ve ever heard of, that should raise some red flags,” he said.
On the Alberta Securities Commission web site, www.albertasecurities.com, potential investors can check a company’s track record and find out if an individual is registered to sell investments. The site also offers Investor Alerts, which highlight schemes and scams making the rounds.
© Copyright by LethbridgeHerald.com