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Thursday, April 29, 2010

Uranium bullion fund busted for fraud

Investors surprised to learn heavy metal isotope fund was fraudulent

Amanda Laffatt
La Lune de la presse internationale


Uranium bullion investors were shocked Friday to learn that their heavy metal purchases of the U235 isotope were not actually held by the investment fund to whom they had entrusted their money.

Speculative gains in the uranium investment sector were checked after investigators began looking at a complaint by a group of individuals who claimed that U235 bullion coins they ordered on-line were never delivered.

"We very clearly were led to believe we were purchasing uranium bullion coins for physical delivery," said Lou Zuhr, a distraught local numismatist. "These were going to be handed down to my grandchildren. Now I'm out my money with nothing to show for it."

According to documents made known to the La Rochelle Times, the uranium bullion fund was run through House of Cards Financial's "Very Special Investments" branch. Director Bill Faulde, who remained under house arrest on Monday, said he was duped by senior management into thinking the uranium bullion was in the bank vaults.

"We all thought it was there," Faulde told the La Rochelle Times by phone. "No one actually thought to check on the stuff. You know, we have busy lives. My daughter plays hockey. There's a lot going on these days, and we just can't know everything."

House of Cards Financial is under official investigation for a number of ponzi-like schemes which have come as a total surprise to both officials and citizens. Company CEO Dick Wead is largely expected to resign within the next several years. The investment firm has also recently asked for government loans of around $230 trillion.


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