Forex Hedge Fund Group Ordered to Pay Penalties for Forex Fraud
In one of the more interesting forex fraud actions I have seen, a forex hedge fund acted as a counterparty to transactions with retail investors. Generally off-exchange foreign currency trades with retail customers can only be completed by firms which are Futures Commission Merchants or Forex Dealer Members, and who are also registered with the [...]
Forex Hedge Fund Fraudsters Fined by CFTC
Release: 5573-08
For Release: November 25, 2008
Michigan-Based Aurifex Commodities Research Co. Ordered to Pay a Total of $150,000 in Restitution and Civil Monetary Penalties to Resolve CFTC Charges of “Private Hedge Fund” Fraud
Forex Fraud Notice from Arizona Corporation Commission
ARIZONA CORPORATION COMMISSION
1200 W. WASHINGTON STREET
PHOENIX, AZ 85007
TO: EDITORS, NEWS DIRECTORS
DATE: March 6, 1998
FOR: IMMEDIATE RELEASE
CONTACT: Mark C. Knops (602) 542-0621
CORPORATION COMMISSION CHARGES INVESTMENT FRAUD
IN FOREIGN CURRENCY TRADING PROGRAM
Forex Frauds Ordered to pay $720k Penalty for Forex Ponzi Scam
Release: 5572-08
For Release: November 20, 2008
Utah-Based 4NExchange and Two Individuals Ordered to Pay $720,000 in Penalties to Resolve CFTC Charges of Fraud and Misappropriation in Foreign Currency Scam
Foreign Exchange Currency Fraud - CFTC Alert on Forex Fraud
Unfortunately frauds in the hedge fund industry are a fact of life and sully the name of legitimate hedge fund managers. In the off-exchange forex area, there are even more frauds. The notice below, which can also be found here, explains what the CFTC, the NASAA and the NFA are doing to combat fraud in [...]
$5 Million Fine in CFTC Forex Anti-Fraud Action
Release: 5563-08
For Release: October 3, 2008
Jacksonville Resident Stephanie Ann Gallitano and Her Fort Lauderdale-Based Companies Ordered to Pay More than $5 Million in Restitution and Civil Monetary Penalties in CFTC Forex Anti-Fraud Action
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that Stephanie Ann Gallitano of Jacksonville, Florida, and her Fort Lauderdale-based [...]
CFTC Charges Forex Group with Fraud
While most foreign currency traders are honest, there are many forex fraudsters which are out there perpetuating frauds. Many of the frauds are discovered fairly quickly but the case below is unique in the fact that the fraudulent activity spanned such a long period of time.
The release below can be found here.
Release: 5548-08
For Release: September [...]
CFTC Catches Forex Fraud
Release: 5429-07
For Release: December 28, 2007
CFTC Forex Boiler Room Fraud Action Nets $3.4 Million in Sanctions Against “Richmond Global” and Vincent Danio
Defrauded Customers Lost More Than $1.7 Million Trading Forex
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) was awarded a default judgment order against Richmond Global Associates, LLC; Richmond Global Director, LLC; Richmond [...]
Fraudulent Foreign Currency (Forex) Scam
Release: 5274-07
For Release: January 11, 2007
U.S. District Court for the District of Oregon Enters Final Order against Mastermind of Multimillion Dollar Fraudulent Foreign Currency (Forex) Scam
Court Orders Russell Cline of Portland, Oregon, to Pay over $33 Million
Washington, D.C.— The U.S. Commodity Futures Trading Commission (CFTC) announced today that the Honorable Garr King of the United [...]
Fine in Illegal Forex Trading Case
Release: 5279-07
For Release: January 18, 2007
Florida Federal Court Judgment Concludes Multi-Million Dollar Foreign Currency (Forex) Anti-Fraud Action Brought by the U.S. Commodity Futures Trading Commission
Next Financial Services Unlimited and Russell Diaz Ordered to Pay More Than $1.8 Million in Restitution and $1.25 Million in Civil Monetary Penalties; New World Trading and Shad Thomas Haynes to [...]