Patrick Phipps

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    Unlicensed Genesis Fund collapses amid fraud allegations

    An ordinary IBC in Nevis that operates as an unlicensed mutual fund has collapsed owing an estimated $50 million to approximately 1,100 shareholders.Approximately $100 million is believed to have gone into The Genesis Fund Ltd. but about half of it was repaid as interest payments, according to a client's representative.

    Former bankrupt (x2) and scam victim touts forex scheme

    A twice bankrupt businessman who once fell victim to a foreign currency exchange scam is promoting his own Forex scheme and telling participants it is "realistic" to expect monthly returns of four per cent.Maurice Lewis Mills, 37, operates Washington State-based Sterling forex LLC, which claims it has "fulfilled CFTC Compliance requirements to offer forex trading advisory services to U.S. Clients".