(PonziTracker) A former Massachusetts church elder is accused of defrauding dozens of investors out of at least $3.5 million with the promise of exorbitant returns through a proprietary day-trading system allegedly revealed to him by the Holy Spirit. Charles Erickson, of Uxbridge, Massachusetts, was charged by the Massachusetts Securities Division with multiple violations of the Massachusetts Securities Act through the offer and sale of fraudulent and unregistered securities. The Complaint seeks injunctive relief, compensation for defrauded investors, disgorgement of ill-gotten gains, administrative fines, and other relief.
According to the Complaint, Erickson allegedly began looking in 2008 for a way to supplement his retirement income, settling on trading volatile E-Mini Russell 2000 futures contracts (the "E-Minis"). Despite having limited investing experience and no day-trading experience, Erickson developed a proprietary system for trading the E-Minis that he claimed had been provided to him by the Holy Spirit. Indeed, in testimony provided to the Massachusetts Securities Division, he stated:
It's going to sound a little strange to you, but ... I believe the Holy Spirit showed me this system.
Advertisement - story continues below