SEC Breaks Up Absurd Ponzi Scheme Targeting Veterans

The Securities and Exchange Commission has filed a motion against Clayton Cohn and his company MarketAction Advisors LLC, saying that he has been defrauding vets with a Ponzi-like scheme that used fraudulent documents and money from new investors to cover up huge losses and other illegal activity.

SEC details long list of blatant lies

According to the court filing, Cohn’s financial background consists of one semester at DePaul University, three weeks as a broker trainee, and an investment advisory service that promptly went under. In 2011 Cohn founded...