Michael Ruge Can Be Fun For Anyone

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Ruge commenced elevating money for his Chivas Expansion Fund in 2001, promising investors he would place The cash with hedge-fund traders who have been “at the very best in their occupation.”

He joined the Victoria Rotary Club and ingratiated himself with its users. The strategy labored. A single member, who is nicely into his 70s and lives in an assisted-dwelling dwelling, invested $75,000 in Ruge’s fund.

That, much too, was a lie. KPMG despatched Ruge a brusque letter reminding him that KPMG has “in no way been engaged because the auditor of Chivas Development Fund, nor will we take such an appointment.”

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The Chivas Web-site termed Ruge Michael Ruge an “accomplished entrepreneur and Experienced Trader” and claimed his business pursuits were “Practically unerringly worthwhile.”

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“The Ruges are actually requested to halt using the Rotary title in reference to their excursions, and Rotary Worldwide is having further ways to stop this unauthorized use.” IE

It took commission investigators months to piece jointly what transpired, and it was not a fairly photo. Pretty much Not one of the $one.

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