In the latest development in 25 year-old FX fraudster Alex Hope's two year contretemps with Britain's financial authorities, the FCA commenced its trial today against the high-profile bogus trader who bilked investors out of £5.6 million Flamboyant fraudster Alex Hope may be brought to justice shortly, as the two year long legal wranglings which he…
Read moreTexan Steven Lyn Scott charged with solicitation, fraud, misappropriation of client funds and registration violations The U.S. Commodity Futures Trading Commission (CFTC) has today reported that it filed an enforcement action March 19, 2014 against Defendant Steven Lyn Scott, who is also known as Stevon Lyn Scott, of Dallas, Texas, charging him with solicitation fraud,…
Read moreThe defendant operated through My Forex Planet Inc, Wal Capital S.A. and Top Global Capital Inc A civil enforcement action has been filed by the US Commodity Futures Trading Commission (CFTC) against Melody Nganthuy Phan and companies associated with her – My Forex Planet Inc, Wal Capital S.A. and Top Global Capital for conducting a…
Read moreFraudsters solicited $2.3 million for forex trading from 11 individuals The CFTC has issued a press release detailing their latest enforcement action against Ron Earl McCullough and David Christopher Mayhew. The complaint filed by the regulator alleges that both have fraudulently solicited about $2.3 million from 11 investors and have subsequently misappropriated $1.6 million of…
Read moreRene Alan Chalmers will spend 51 months in prison for funds misappropriation and misrepresentation of returns The New Zealand Herald is reporting on a substantial forex Ponzi scheme that was uncovered by the local Serious Fraud Office following complaints from investors with a self-made forex trader. Rene Alan Chalmers has defrauded his investors including family…
Read moreAlexander Efrosman fled the US with a fake Russian passport in 2005, extradited from Poland 7 years later A stunning Reuters report uncovers the massive scale of a forex fraud scheme that includes several years of international chasing and ends with a prison sentence lasting 188 months (15 years and 8 months) and an obligation…
Read moreThe fraudster is found guilty of misappropriation, case against his company Financial Robotics continues It is a frequent occurrence in our LeapRate Forex Fraud Watch series to cover hefty misappropriations, but it’s a rarity to see a single investor entrust a rather big chunk of money to a fraudulent solicitor. That’s precisely what happened in…
Read moreThey operated a fraudulent commodity pool soliciting $ 18 million from investors over three years What’s the best time to pull off a forex scheme? – In the aftermath of the greatest financial crisis of modern times of course! That might be an answer in an interview with Philip Leon and Paul Rangel, because that’s…
Read moreHe 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…
Read moreSenen Pousa and Investment Intelligence Corporation defrauded over 960 clients worldwide The US Commodity Futures trading Coomision has obtained a court order against defendants Senen Pousa and Investment Intelligence Corporation (IIC) for the payment of $192 million in relation to their forex fraud scheme that caused over 960 of their customers worldwide to lose their…
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