The story of Spartan Trading Company, LLC, (Spartan Trading), reads like an old-fashioned detective novel, complete with deception, high stakes, and a tragic end. It is a true story. This is a true-life story of greed, manipulation and betrayal, which has left millions of investors poorer.
Imagine a three-man financial band promising you a golden gander. Richard Myre and Dominick Dahmen were the founding members of Spartan Trading. They lured investors by singing the sweet tune of pooled trading. The founders of Spartan Trading painted a picture about a lucrative fund that would allow investors to keep half of profits. The song was seductive and raised $3.7 million in unwitting investors.
What if it was a mere mirage that the golden goose represented? What if they were not leading their followers into a land filled with plenty but to a financial pitfall? According to the Securities and Exchange Commission, this is what happened.SECIt is not a coincidence that this happened.
The SEC claims that Spartan Trading is nothing but a fraud scheme. Myre, the Dahmens and their alleged sham business were not the promised land with profits. Investments were often a loss, and Myre and Dahmens slowly drained the account of the fund by withdrawing over $1.9 Million.
How could such a scam go unnoticed so long? Spartan Trading collapsed in late 2022 like a pile of cards. The shocking truth was revealed after a February 2023 meeting to discuss the fund’s organization and operations. Myre, the Dahmens and their pickup truck were found in Bloomington Minnesota. The local police believed that it was a murder/suicide following a dispute over business.
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The SEC is now pursuing legal action against the estates and assets of Spartan Trading. The SEC has alleged that Spartan and Myre broke several sections of Securities Act of 1933 and Securities and Exchange Act of 1944, as well as the Investment Advisers Act of 40. The Dahmens’ estates, not the Dahmens themselves, are listed as relief defendants because they allegedly profited from the fraudulent scheme.
This tale serves as an ominous reminder of potential risks of investing. It is a cautionary story that warns investors not to believe promises that sound too good to be real. It’s also a reminder that not everything that shines in finance is gold.
The SEC’s investigation continues, and one cannot help but wonder how many Spartan Tradings there are. How many investors will be led astray again by false promises of profits? These questions will remain unanswered. The story of Spartan Trading reminds us of the darker side of investment, and the cost of greed.