The case of the U.S. Securities and Exchange Commission versus Jason Bo-Alan Beckman and the Oxford Private Client Group, LLC was filed in federal court for record purposes.
According to the filing, Beckman and his wife, Hollie Beckman, who was named as a relief defendant, were the leading figures behind the fraudulent scheme.
The couple through the firm Oxford PCG raised at least $47.3 million from August 2006 to July 2009 by offering investments in a purported foreign currency trading venture known as the “currency program.”
“Beckman personally, and indirectly, through employees and independent contractors of his firm, represented to investors that their money would be invested in the currency program. He represented that their money would be used exclusively for foreign currency trading,” court documents showed.
The investors were told that their money would be held in segregated accounts and that they would receive guaranteed returns ranging from 10.5 to 12 percent, and that they could withdraw their money any time.
“Those representations were false. A significant portion of the funds was never used for foreign currency trading at all. Instead, much of the investors’ money was paid to other investors as purported interest and principal payments,” the commission said.
The commission said in truth, the couple used the investors’ money to support their lavish lifestyle.
The Beckhams have residences in Minneapolis, Texas and Florida. They also have luxury cars which included a Mercedes Benz, two 2008 model Range Rovers and a Jaguar.
They incurred credit card payments of over $695,000 and paid seven law firms close to $1 million to acquire investments.
