LeapRate FX Fraud Watch – PMC Strategy, Timothy Bailey and Michael Hudspeth

CFTC orders those named to pay $1.8M, and imposes permanent trading ban.

The CFTC has ordered Timothy Bailey of Monroe, North Carolina and Michael Hudspeth of Statesville, North Carolina along with their company, PMC Strategy, LLC (PMC), to pay over $1.8 million for solicitation fraud and misappropriation in connection with an FX ponzi scheme that took at least $669,000 from more than 22 individuals. The Order also “imposes a $420,000 civil monetary penalty against Hudspeth and permanently bans him from the commodities industry.”

For the full CFTC press release click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.


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LeapRate FX Fraud Watch – PMC Strategy, Timothy Bailey and Michael Hudspeth


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