Premium Income Corp., InForex Ltd., Tri-Forex International Ltd., also known as Tri-Forex, Ltd. and International Forex Company, Gerald Leo Rogers, also known as Jay Rogers and Jay Rodgers, and Alexander Igor Shevchenko

On March 3, 2005, the SEC obtained a temporary restraining order, asset freeze and other relief against Gerald Leo Rogers and others to halt an alleged ongoing “Ponzi” scheme.  The SEC alleged that Rogers was the architect of the scheme that collected more than $11 million from over 100 investors, many elderly or investing retirement savings.  

According to the Complaint, Rogers, a twice-convicted felon, whose criminal and securities fraud history spans nearly four decades, started this scheme shortly after being paroled from a 35-year prison sentence for mail and securities fraud.  The SEC alleged that starting in January 2004, Rogers and the other defendants, operating principally through Premium Income Corp., defrauded investors with promises of "guaranteed profits" and "safety of principal," and falsely claimed that PIC would use "100% of investor funds" to write covered call options in the foreign currency market.  In fact, according to the Complaint, the defendants used new investor funds to pay "interest" to earlier investors, and made undisclosed payments themselves. 

For more information about the SEC’s action, you can read Litigation Release Nos. 19115 (Mar. 3, 2005) and 20235 (Aug. 9, 2007).

The Court also appointed Kelly M. Crawford as Receiver.  For the latest information about the Receivership, you can visit the Receiver’s website.