Just read all 15 pages of SEC v. Spartan Trading, Estate of Richard Myre and The Estates of Dale and Dominick Dahmen. The complaint focuses on Myre as the kinpin who handled the books and who got most of the proceeds. Myre's name was the only one whose name appeared on the incorporation documents. Myre signed all known checks drawn on the account.
Who were the early victims? "Prior business contacts and friends of Myre and the Dahmens."
A red flag was that the enterprise generated CONSISTENT high monthly profits. Such improbable success is what brought down Madoff. Harry Markopolos (and others) would have pegged Spartan as a likely scam. This was a run of the mill Ponzi that fell apart very quickly.
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