Georgia Man Charged in Madoff-Like Ponzi Scheme for $15M

Eldon Gresham was charged Thursday with allegedly operating a $15 million foreign currency Ponzi scheme specifically targeting Christian clients.

The U.S. Commodity Futures Trading Commission alleged Gresham, a Georgia native, and a company he was doing business as solicited more than 75 customers to trade off- exchange forex contracts. His scheme was very similar to that of notorious Ponzi investor Bernard “Bernie” Madoff.

Gresham allegedly told investors to invest in him because “The Lord has blessed” him and allegedly said he was offering his program to a limited number of fellow Christians for a limited time, according to the complaint.

Gresham also allegedly persuaded customers to withdraw from their retirement funds by telling them he could earn 5% to 10% a month on the funds. Gresham told consumers that their funds were safe with him and would be returned when due.

The CTFC alleges Gresham never had sufficient funds on hand to return all customers' principal, much less the purported returns on their investments.

Allegedly more than $2 million of the more than $15 million were deposited into Gresham's currency-trading accounts. Of that, more than $1.4 million was withdrawn by Gresham, leaving at least $14.4 million allegedly misappropriated by Gresham or used to pay customers as part of the Ponzi scheme.

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