Forex Magnates is the home of the Forex Elite providing up to date industry news coverage, commentary and scoops

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it charged Willie L. Cloud, Jr. and his investment company, C & R Financial, Inc., both of Houston, Texas, with operating a Ponzi scheme in connection with foreign currency (forex) trading.
The CFTC’s complaint, filed on March 4, 2010, alleges that, since at [...]

Those who are a few years in this market should remember One World Capital Group which was even registered with the NFA at the time but was shut down as under-capitalized and following numerous complaints.
One World owned the 1world-forex.com domain and was barred by the NFA in early 2009 for failing to cooperate with an investigation for a Complaint [...]

Smith allegedly misappropriated approximately $800,000; court orders defendants’ assets frozen. Safeguard’s 3030 website which promises up to 30% in 30 days (!) is down.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today charged Ronald W. Smith, Jr., of Vansant, Va., doing business as Safeguard 3030 Investment Club, with operating a Ponzi scheme involving [...]

GFS Forex, one of the latest brokers to withdraw from the US market, has settled a Complaint that was launched against it by the NFA in December 2009. The Complaint charged GFS Forex and its Associated Principals Yun Ho and Matthew Censullo with alleged multiple violations of NFA’s rules such as:
0396633 CENSULLO, MATTHEW PAUL
• C.R.2-36(b)(1) [...]

With all the 1:10 leverage turmoil happening lately we shouldn’t forget that NFA/CFTC are the only retail forex watchdogs in the US. From time to time the agencies perform well in uncovering forex frauds and in shutting down problematic businesses.
A few days ago NFA cracked on quite a few CTAs which lost millions of clients [...]

NFA has just ordered Kingz Capital Management Corporation (KCM) to permanently withdraw from NFA membership and permanently barred its Principal David Michael Stephen Krywenky.
It appears that KCM and Krywenky were involved in the the high profile Twin Cities / Crown Forex S.A. alleged scam scandal. Apparently Twin Cities’ Trevor Cook managed investor funds in a [...]

Quick recap: To those who don’t remember: Crown Forex S.A. was a forex broker based in Switzerland. On 29/05/2009 FINMA closed Crown Forex S.A because of potential liquidity problems. FINMA is investigating the company and its executives. A month later we learned that there was another scandal associated with this broker – a Twin Cities fund manager [...]

Washington, D.C., Jan. 11, 2010 — The Securities and Exchange Commission today charged two Sarasota, Fla.-based investment advisers with securities fraud for misleading investors about the financial condition of three hedge funds they managed, and misrepresenting that they controlled the funds’ investment and trading activities when in fact they were being handled by Arthur G. [...]

More than 700 people stand to lose more than R200 million in investments after an investigation into the southern Cape-based Minne Trading investment scheme found it to be operating illegally.
The Registrar of Banks appointed auditing firm Deloitte to determine whether the company and two individuals, Graeme and Caroline Minne, were conducting the business of a [...]

Federal Court Freezes Assets of Minnesota Residents Trevor Cook and Patrick Kiley and their Oxford and Universal Companies, Charged by the CFTC with Defrauding Investors of Tens of Millions of Dollars in Foreign Currency Scheme
Customer funds misappropriated to develop a hotel and casino in Panama and purchase seven luxury cars.
Washington, DC – The U.S. Commodity [...]