Senen 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 savings to the tune of $ 32 million.
The fine constitutes $33,299,821 to defrauded customers across the world and each defendant is required to pay $79.5 million for civil monetary penalty. As a consequence the defendants are permanently banned from trading and registration. The action is a result from a complaint filed in September last year.
Since at least January 2012 the parties involved have been using “wealth creation” webinars, podcasts, webcasts, emails and other online tools to solicit clients to open forex accounts with IIC. Clients have been promised a monthly return of 9 percent and stated that the company would not be risking more than 3% of the client’s funds in a single trade.
Things have gone terribly wrong by midyear when clients’ funds have suffered a drawdown of about 60% in the process of conducting over 200 trades on the forex market. The usual questions remain pondering investors’ minds – if and how are they going to recover the substantial amounts lost.
In order to stay away from forex fraud we strongly advise our readers to use only brokerages which are trustworthy such as those on our LeapRate approved list.
For the full press release related to this forex fraud scheme visit CFTC’s website.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.