The fraudster is already serving his sentence and funds are nowhere to be found The US regulator CFTC has issued a statement regarding a federal court order for $17 mln that it obtained against California resident Lyndon Parrilla. He and his company Green Tree Capital have defrauded over 50 customers of over $4 mln. The…
Read moreHowever despite fraud conviction for its founder MMA Forex appears to remain open, clients still looking for their money. In what has to be one of the most bizarre stories we've covered (and there are many in the forex world), comes what seems to be the conclusion of the episode of Dubai based MMA Forex,…
Read moreTwo air traffic controllers and a commodity trader set up and execute a nice little forex fraud. The CFTC announced more than two years ago in June 2011 that it is filing charges against Louis J. Giddens, Anthony W. Dutton and Michael Gomez for setting up and executing a forex trading scheme. They have accepted…
Read moreRobert Lloyd Wilson aka 'Aussie Rob' claimed up to 120% returns from his Lifestyle Trader software; but there's more... Australian's financial regulator ASIC has issued a statement informing the public about the participation of Mr. Robert Lloyd Wilson also knows as "Aussie Rob" in a rather outrageous misleading and deceptive marketing practice soliciting customers to…
Read moreSwiss regulator FINMA investigating several banks for possible manipulation of foreign exchange markets. Much of the behind-the-scenes chatter in the forex world this past weekend has revolved around the investigation announced Friday by Swiss financial regulator FINMA into the possible manipulation of foreign exchange markets by a number of unnamed banks. The excitement began after a very…
Read moreiFinix and CEO Benhope Marlon Munroe falsified bank statements and didn't meet minimum capital requirements. The CFTC has imposed a permanent trading and registration ban against introducing broker iFinix Futures (which also did business under the name Pro-Active Futures) and its principal Benhope Marlon Munroe for providing falsified bank account documents to the NFA during its audit of iFinix, in…
Read moreQuestions also surround whether MMA Group's claimed airline MMA Airline actually exists. This is probably either one of the best con jobs or worst smear jobs of all time. Or perhaps both. This is what we (think we) know about the supposed defrauding of clients of Dubai Forex broker MMA Forex, issues at its parent…
Read moreSame old story, client funds used to repay old investors and to pay personal expenses. The CFTC has obtained a federal court order against Sidney J. Charles, Jr. and his Company, The Borrowing Station, requiring both to pay more than $600,000 following the discovery of a forex ponzi scheme run by Charles -- $254,000 to…
Read moreMMA Forex's offices shut by Dubai Police based on fraud allegations. LeapRate has learned that Dubai based Forex broker MMA Forex, run by Pakistani businessman Malik Noureed Awan, has been shut down by Dubai police after several hundred MMA clients were unable to withdraw money from their accounts. MMA claims to be doing about $20 billion of…
Read moreVarlesi's Gold Coast Futures and Forex used just $220,000 of the $1.7M he accepted from clients to actually trade. The CFTC has obtained a federal court order against Christopher Varlesi of Chicago and his company Gold Coast Futures and Forex, requiring Varlesi to pay $1.3 million -- $638,000 to defrauded investors plus a $700,000 penalty. The…
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