‘Massive’ Cattle Trading Ponzi Scheme Ends in SEC Settlement

The perpetrator of a Ponzi scheme that deceived people into investing millions of dollars in cattle trading and state-licensed marijuana endeavors has agreed to settle federal securities law claims.

Mark Ray, whom the Securities and Exchange Commission described as a “repeat offender,” consented to the entry of orders stating that he violated multiple anti-fraud laws by soliciting mostly unsophisticated investors for two fraudulent schemes.

The investors thought they were giving Ray money to finance a “cattle-flipping” scheme in which he purportedly bought, then immediately resold, large numbers of cattle. In fact, Ray engaged in little cattle trading. People also believed ...