Feds say NC man used Ponzi scheme for lavish life

MINT HILL, N.C. -- Federal investigators say a North Carolina man operated a multimillion-dollar Ponzi scheme that he used to feed a lavish lifestyle that included a Maserati sports car and extravagant parties. The U.S. Commodity Futures Trading Commission said Wednesday that it has charged the late Bruce C. Kramer and the business Barki, LLC of Mint Hill. The agency said Kramer's scheme came to light after he committed suicide in his office last month. Court documents say Kramer and the business raised $40 million from 79 investors. They say Kramer lost $10 million in trading and used about $20 million to pay customers. The civil complaint says Kramer used the remaining funds on personal expenses, including the purchase of a horse farm and luxury cars. (Copyright 2009 by The Associated Press. All Rights Reserved.)