Another Forex fraud, this time by a Texas professor and an accountant
As we continue our efforts to alert potential victims of the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Ponzi and other frauds today CFTC charged a Texas A&M University professor and an accountant with falsifying statements to investors promising them returns of tens of percents a year and claiming they never had a loosing month.
This is another case where something sounds too good to be truth but this time a University professor is involved which might explain why people believed something like that…
Wall Street Journal has more:
https://online.wsj.com/article/BT-CO-20090526-709674.html
The Commodity Futures Trading Commission filed a civil lawsuit against two people, including a Texas A&M University professor, and two companies in an alleged multimillion-dollar foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fraud scheme starting in 2006.
U.S. District Court Judge Sim Lake froze the defendants' assets and allowed the commodities trading regulator to seize records.
Charged was Robert D. Watson, an executive professor in the Finance Department, Houston lawyer and accountant Daniel J. Petroski and two companies, PrivateFX Global One Ltd. and 36 Holdings Ltd. The CFTC accused the two men of urging potential investors to purchase shares in PrivateFX Global One by touting their supposed quarterly trading returns of 6% to 10% from January 2000 through June 30, 2006.
About 60 investors purchased $19.5 million in Global One shares since it began operations in 2006, according to the CFTC. The defendants reported returns of 1.5% to 3% a month and claimed to never have had a losing month, the agency noted.
A university spokesman couldn't immediately be reached for comment.
According to the complaint, the defendants provided the CFTC with falsified account statements showing alleged profitable trades at an international brokerage firm from the start of this year through April totaling $7.5 million in the trading account of 36 Holdings, of which $2.1 million was allocated as Global One profit. The defendants also allegedly provided the CFTC with false Swiss bank statements for 36 Holdings.
A status conference is set for Friday.
The CFTC is seeking restitution and disgorgement of illegal proceeds, civil monetary penalties and injunctions against further violations and trading.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com
As we continue our efforts to alert potential victims of the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Ponzi and other frauds today CFTC charged a Texas A&M University professor and an accountant with falsifying statements to investors promising them returns of tens of percents a year and claiming they never had a loosing month.
This is another case where something sounds too good to be truth but this time a University professor is involved which might explain why people believed something like that…
Wall Street Journal has more:
https://online.wsj.com/article/BT-CO-20090526-709674.html
The Commodity Futures Trading Commission filed a civil lawsuit against two people, including a Texas A&M University professor, and two companies in an alleged multimillion-dollar foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fraud scheme starting in 2006.
U.S. District Court Judge Sim Lake froze the defendants' assets and allowed the commodities trading regulator to seize records.
Charged was Robert D. Watson, an executive professor in the Finance Department, Houston lawyer and accountant Daniel J. Petroski and two companies, PrivateFX Global One Ltd. and 36 Holdings Ltd. The CFTC accused the two men of urging potential investors to purchase shares in PrivateFX Global One by touting their supposed quarterly trading returns of 6% to 10% from January 2000 through June 30, 2006.
About 60 investors purchased $19.5 million in Global One shares since it began operations in 2006, according to the CFTC. The defendants reported returns of 1.5% to 3% a month and claimed to never have had a losing month, the agency noted.
A university spokesman couldn't immediately be reached for comment.
According to the complaint, the defendants provided the CFTC with falsified account statements showing alleged profitable trades at an international brokerage firm from the start of this year through April totaling $7.5 million in the trading account of 36 Holdings, of which $2.1 million was allocated as Global One profit. The defendants also allegedly provided the CFTC with false Swiss bank statements for 36 Holdings.
A status conference is set for Friday.
The CFTC is seeking restitution and disgorgement of illegal proceeds, civil monetary penalties and injunctions against further violations and trading.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com