Ruge claimed he would only settle for funds from traders who were being charitably minded: “You will need to give back towards the Group or we won’t trade your cash. We now have previously turned down two those who preferred to take a position 50 percent 1,000,000 pounds.”
He joined the Victoria Rotary Club and ingratiated himself with its members. The tactic labored. A person member, that is effectively into his 70s and life within an assisted-residing household, invested $75,000 in Ruge’s fund.
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In truth, his prior securities practical experience consisted of advertising and marketing cash-getting rid of companies on the Canadian Dealing Network and the OTC Bulletin Board during the U.S. Ruge’s business card featured a picture of Chivas, his golden retriever, and folded out to expose pictures of Albert Einstein and Winston Churchill, and inspirational sayings, including Gandhi’s, “Be the modify you should see on the globe.”
Rotary Global, located in Chicago, is not really amused. “Elly and Michael Ruge will not be authorized to make use of the Rotary title or emblem in reference to their excursions,” it explained inside of a prepared assertion.
“I did it mainly because he’s a Rotarian, and Rotarians are genuine and easy men and women,” the investor described.
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Though Ruge signed a settlement settlement admitting that he experienced defrauded buyers, he seems something but contrite.
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Ruge started increasing cash for his Chivas Expansion Fund in 2001, promising buyers he would put the money with hedge-fund traders who were “at the very best of their profession.”
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The Chivas Web site called Ruge an “completed entrepreneur and Skilled investor” and claimed his company pursuits were “Practically unerringly Michael Ruge Real Estate Developer worthwhile.”
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