Suicide, fraud, arrests, Chinese investors and Forex: the sad story of EuroFX LeapRate

August 19, 2016 BY LeapRate Staff

Suicide, fraud, arrests, Chinese investors and Forex: the sad story of EuroFX

Reuters has published an investigative article entitled London Calling: How British firms built a pyramid scheme in China that lost millions, which describes a network of opaque companies which drew on London's reputation as a leading financial center, and the illusion of regulation, to dupe Chinese investors. The story has all the elements of a great (but sad)…

August 29, 2015 BY Maria Nikolova

US court imposes total penalty of $3.7M on Forex Ponzi scheme architects

Ron Earl McCullough and David Christopher Mayhew will have to pay $1,223,388.43 in restitution and a $2,486,619.87 civil monetary penalty for operating a fraudulent Forex scheme.

August 01, 2015 BY LeapRate Staff

Forex Ponzi Scheme lands $76 million fine in non-existent Black Diamond currency trading platform case

CFTC complaint results in one of the largest fines ever handed out to individuals in the US for currency trading fraud.

March 24, 2014 BY Gerald Segal

LeapRate Forex Fraud Watch – Patrick Cole and GSM, Inc. to Pay over $2.2 Million in Sanctions

Ohio Federal Court Rules against Defendants in Connection with Foreign Currency Ponzi Scheme The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday March 21, 2014 that Judge David D. Dowd Jr. of the U.S. District Court for the Northern District of Ohio granted summary judgment and issued a Memorandum Opinion, a Judgment Entry, and a…

December 13, 2013 BY Gerald Segal

LeapRate Forex Fraud Watch – CFTC fines FX trader David R. Lynch $470,000

He promised his victims a steady 7% monthly return from forex trading for almost 5 years The CFTC has announced in a press release that it has obtained an order requiring David R. Lynch to pay restitution of $171,297 plus $300,000 civil monetary penalty. Not so smooth for a rather small forex Ponzi scheme that…

Tag: forex ponzi scheme