Joseph S. Forte of Broomall, Pennsylvania, is an American con artist who operated a Ponzi scheme that cost investors $50 million.
He reportedly signed a confession with the United States Postal Inspection Service.
The rest may have been lost in trading in futures contracts on the S&P 500 index, foreign currencies, or metals.
According to the SEC, Forte reported to his investors that his fund's value was over $154 million, while the actual balance was $146,814.
While the timing is coincidental with the Ponzi scheme of Bernard Madoff, there is no apparent connection.