Moreno Valley trader arrested on suspicion of investment fraud
pe.com | 11/8/08 | $800,000 | suspect: Robert D. Barne | victim: Forward Investment Group, LLC
A Moreno Valley man who runs an investment company was arrested this week and is being held on suspicion of investment wire fraud, an FBI spokeswoman said Friday.
Robert D. Bame, 38, who is listed on federal documents as the sole manager of Moreno Valley-based commodity trading company Forward Investment Group LLC, was arrested Tuesday and remains in custody, said Laura Eimiller, a spokeswoman for the FBI's Los Angeles field office. Bame appeared in federal court in Riverside on Friday.
In September, Bame was sued for fraud by the Commodity Futures Trading Commission. According to federal documents, Bame's records on Dec. 14, 2007, indicated he had more than a net value of $77 million in trading accounts. However, the lawsuit states he actually had $4,486 in his accounts on that date.
In a related matter, Bame has been named in a civil lawsuit filed by 11 Riverside County residents that alleges fraud, embezzlement, conspiracy and other offenses. The suit also alleges that a Temecula securities broker knew Forward Investment was fraudulent but misled the investors and steered them toward Bame's company.
The suit, which was filed Oct. 1, alleges the investors gave Bame close to $600,000 in 2007 and 2008 that is now unaccounted for. One investor, lead plaintiff Danisa Peralta, of Temecula, claims she has lost $200,000.
Kelly Shaw, the Temecula broker named in the lawsuit, said he is also a victim because he invested his own money. He said he also filed a suit against Bame and Forward Investment before Peralta filed her suit.
"I believed in Robert. I thought he was the real deal," Shaw said.
Shaw said he invested in Forward Investment for a year and did not know about any mismanaged funds. He said he found out about Bame's problems in June or July and has been trying to get those funds back since then.