Tag Archives: retail brokers
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
All brokers (except Tradestation) have updated their profitability numbers for the second quarter 2011. What clearly stands out is the drop in profitability experienced by clients of all brokers (with the exception of Advanced Markets – but its numbers are insignificant). On average clients’ profitability dropped 4% since last quarter. When talking to brokers most of them stated the same reason for this – increased volatility during the quarter.
CMS FX might have ceased being a forex broker and transferred clients to Gain Capital, but it’s not out completely. On May 19th, 2011, the NFA Business Conduct Committee charged CMS with failing to implement an adequate business continuity and …