Tag Archives: fraud
Complete Developments, Incomplete Integrity. Forex Ponzi Scheme Operators Prosecuted
14
2013
Fraudsters Hit with $23 million Civil Restitution Penalty after CFTC uncovers forex Ponzi Scheme, further demonstrating the continued efforts by the US regulatory authorities to root out the bad apples.
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Regulators Intervene against Fraud and Money Laundering Risks in Use of Pre-Paid Credit Cards
13
2013
Britain’s FCA and anti money laundering authorities take a close look at the use of pre-paid cards to fund forex trading accounts – and set in place penalties to put a stop to it.
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ASIC Clamping Down on Unregulated Firms – Fraudulent Currency Trading Scheme Uncovered
29
2013
Following an investigation into an unlicensed and fraudulent financial services business, ASIC has successfully applied to the Supreme Court of Queensland for three South-East Queensland based companies to be wound up. ASIC alleged Secured Collateral Pty Ltd (Secured Collateral), Diversified …
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In a judgment earlier this month, the CFTC decided in favor of an appeal from Gain Capital in the case of Robert West vs Gain Capital. The appeal rejected an earlier decision that Gain was responsible to pay West reparations …
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SEC Gains Restitution Over Insider Trading Case. Traders Agree to $3.3 million Settlement
2
2013
The United States Securities and Exchange Commission (SEC) has announced that a Chinese businessman and his wife whose trading accounts were frozen last year as part of a major insider trading case have agreed to settle charges that they loaded …
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California Resident and Forex Company CEO Victor Yu has been prosecuted, sharing liability with his company, VFRS LLC and ordered by the CFTC to pay restitution of nearly $2.15 million, disgorgement of more than $270,000, and a civil monetary penalty …
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CFTC Brings Successful Prosecution Against Capstone FX For Illegally Soliciting Managed Account Clients
14
2013
The U.S. Commodity Futures Trading Commission (CFTC) has certainly been active in bringing successful prosecutions for FX related fraud this week, having today obtained federal court orders for more than $3.5 million in restitution and civil monetary penalties against Nicholas …
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CFTC Sues Michael Alcocer and His Company, InovaTrade, Inc., for Foreign Currency Fraud and Misappropriation
14
2013
The CFTC has announced that it is suing Michael Alcocer and his firm InovaTrade for fraud. According to the CFTC, InovaTrade falsely marketed itself as a registed Retail Foreign Exchange Dealer (RFED). We wrote about the firm in 2011 that …
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If there is a way to cheat clients, they’ll figure it out in the forex industry! The CFTC announced yesterday that the Federal Court of Massachusetts imposed a $600,000 on Jeffrey Liskov and his company EagleEye Asset Management for committing …
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