A class action lawsuit has been filed against MRT alleging investment contract fraud. The lawsuit was filed in the US District Court for the Southern District of Florida on behalf of all purchasers of investment contracts with MRT from March 1, 2006 to October 10, 2007. The complaint claims MRT violated the Securities Act of 1933 and the Securities Exchange Act of 1934. During the class period, the company allegedly made false statements to the public, omitted material information about MRT's principals, and commingled investors' funds.
The complaint includes claims against individuals, including James Clements, the principal of MRT. The claims include losses for trading in Forex and fraudulent CD offerings.
"MRT appears to have been a ponzi scheme using new investor money to pay previous investors," says lawyer Scott Silver. "It now appears that Clements was also using investor money to support an affluent life style."
