Tag: Forex fraud

January 30, 2014 BY Gerald Segal

LeapRate Forex Fraud Watch - Trader jailed four years for running a $1.5 million Ponzi scheme in New Zealand

Rene 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…

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January 17, 2014 BY Gerald Segal

Whistleblowing for forex fraud to the CFTC has just been made easier

As part of the Dodd-Frank Act, an electronic filing portal has been launched for public access In times of a vastly expanding regulatory environment in the financial services industry sometimes it is very difficult to properly address all inquiries that come to the regulators. Authorities have been blamed for not paying enough attention to “obvious”…

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December 23, 2013 BY Gerald Segal

Australia jails currency trader 3 years for fraud

The cost of currency trading misconduct for Krishan Rasaratnam is 4 years of proceedings and 3 years and 3 months jailtime Legislative proceedings in Australia can be quite a lengthy process these days. Especially when the matter is related to FX trading fraudsters. It took more than two years to the Australian judicial system to…

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December 09, 2013 BY Gerald Segal

LeapRate Forex Fraud Watch – Australian Conspirators fined $192 million

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…

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December 04, 2013 BY Gerald Segal

LeapRate Forex Fraud Watch – Canada’s RCMP goes after InvestTechFX, Rony Spektor and Alan Zer

A massive FX brokerage imposter being investigated by Canadian authorities after operating for more than 5 years The Financial Crimes unit of the Royal Canadian Mounted Police (RCMP) has uncovered a massive scheme that allegedly extracted millions of dollars from investors. The website InvestTechFX has been uncovered to impose as an FX broker while all of the deposited…

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November 14, 2013 BY Gerald Segal

LeapRate Forex Fraud Watch – $1.75 mln fine for Thomas B. Breen

Sentenced to prison alongside his associates Robert J. Cannone and Francis Franco The US regulator CFTC has issued a statement announcing that it it obtained a court order against the principal of National Equity Holdings Thomas B. Breen for $1.75 mln, related to his fraudulent activities of solicitation, misappropriation of the firm’s customers’ funds and…

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