For some reason there seem to be dozens of forex fraudsters specifically in Texas, check this search to see many more results: https://www.financemagnates.compage/2/?s=texas.
On May 21, 2009, the Securities and Exchange Commission filed a civil action against PrivateFX Global One Ltd., SA, 36 Holdings, Ltd., Robert D. Watson, and Daniel J. Petroski alleging their involvement in a multi-million dollar offering fraud targeting U.S. investors. Pursuant to the Commission’s motions for emergency relief, the U.S. District Court for the Southern District of Texas entered a temporary restraining order against the defendants, froze their assets, and appointed Thomas L. Taylor III of Houston as a receiver over them and all affiliated entities.
Will 2021 Redefine the Payments Space?Go to article >>
The SEC’s complaint alleges that Watson and Petroski raised more than $19 million from investors and claimed they would earn profits through “Alpha One,” a foreign-currency trading software program purportedly owned by their firm PrivateFX Global One Ltd. They claimed they would employ the services of 36 Holdings Ltd., a so-called “deal clearing company” owned and controlled by Watson. The SEC alleges that Watson and Petroski misrepresented to investors that it had millions of dollars in bank accounts in the U.S. and Switzerland and that their foreign exchange trading business had achieved an annual return of more than 23 percent since its inception and has never had a losing month. The SEC alleges that the defendants’ historical performance claims are not supported by valid financial records.
On June 10, 2011, Robert David Watson, 50, of Spring, Texas, the “developer and owner” of “Alpha One”, a purportedly profitable foreign currency investment model, has been convicted of securities fraud after defrauding investors of millions of dollars, United States Attorney José Angel Moreno announced. Indicted in November 2010, Watson pleaded guilty to securities fraud before U.S. District Judge Gray H. Miller. Watson faces up to 20 years in prison and $5 million fine at sentencing which Judge Miller has set for Sept. 23, 2011. The court has permitted Watson to remain on bond pending his sentencing hearing. The United States will seek restitution for the victims of Watson’s fraud at the sentencing.