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All Ponzi schemers are disgusting thieves, but some are even worse than that: Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained more than $6.2 million in disgorgement and civil monetary penalties in a federal court summary judgment against defendants Marvin Cooper and his company, Billion Coupons, Inc. (BCI), [...]

Federal Court Freezes Assets of Oklahoma Man Jeremiah C. Yancy and His Company, Longbranch Group International LLC Yancy and Longbranch charged with operating a million dollar forex Ponzi scheme and misappropriating customer funds. Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency court order freezing assets held [...]

From today’s Jyllands-Posten: Saxo Bank faces heavy expenses in an effort to prove to the FSA that it executed client orders according to its best execution policy. Whoever is after Saxo they are pretty successful at getting deep into their pockets. According to Danish daily Jyllands-Posten, Saxo Bank is set to pay around a million [...]

CFTC Charges Growth Capital Management LLC and Felon Robert Milhailovich, Sr., with Fraudulently Soliciting More than $30 Million to Trade Commodity Futures and Forex Son charged with making false statements to the CFTC for failing to disclose father’s role. Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) charged Robert Mihailovich, Sr., and Growth [...]

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) charged FX Professional International Solutions, Inc. (FXP) (a.k.a. FX Professional Solutions, LLC), of Orlando, Fla. and its principals, Pedro de Sousa (a.k.a. Pedroiz J. Sanz), also of Orlando, and Guillermo Rosario (a.k.a. Guillermo Rosario-Colon) of Coral Gables, Fla., with issuing false account statements to customers [...]

Gain Capital sent this letter to its partners, probably in an effort to allay any fears, following the publication of NFA’s severe complaint against the company. Dear Partner, Yesterday, GAIN received a notice from our US regulator that included complaints regarding a few select trading practices and policies in our US regulated entity. This resulted from [...]

NFA just issued a very severe Complaint against Gain Capital and its CEO Glenn Stevens for violating a whole lot of its regulations. Reading through the Complaint it is evident that while Gain may have indeed violated some rules the real culprit here is the NFA itself! Gain Capital is just another for-profit company in [...]

The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against a purported fund manager based in the U.S. Virgin Islands who perpetrated a $105 million Ponzi scheme against investors. The SEC alleges that Daniel Spitzer, a resident of St. Thomas, used several entities and sales agents to misrepresent to investors [...]

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action charging Highlands Capital Management, LP, based in San Francisco, Calif., and its principal Glenn Kane Jackson of Tiburon, Calif., with operating a fraudulent off-exchange foreign currency (forex) scheme. Specifically, the CFTC complaint charges the defendants, in connection [...]

I just stumbled into an interesting post on Francesc’s blog today talking about how Fortune, a company which produced much hype claiming it’s going to sue Saxo and get its license suspended and whatnot, was shut down itself by the regulators on the same day. Its two managing directors were suspended as well. Isn’t it ironic, don’t [...]