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Rosemount man charged in $5.5 million Ponzi scheme

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Charles Hays' investors thought they were going to earn big money playing the market, but it appears the Rosemount man never put that money toward much more than a very nice boat for himself.

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The Commodity Futures Trading Commission on Thursday charged Hays with taking more than $5.5 million from at least three individuals and a charitable foundation in what it describes as a Ponzi Scheme. According to the CFTC Hays spent $4 million of that money on a yacht.

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