Forex Ponzi Scheme charged by CFTC
US regulators have taken oath to decapitate any firm running Ponzi Schemes after the Madoff disaster. A Maryland court has found Borrowing Station LLC guilty of fraud, misappropriation and registration violations in relation to margin FX.
The CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term was called to Borrowing Station LLC after several complains were put forward by investors who were deceived by owner Sidney J. Charles.
The charges brought forward claim that Charles and Borrowing Station had fraudulently solicited funds from 18 individuals during October 2009 till July 2011, with an average of $35,000 for investments in 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. Charles' firm allegedly promised clients returns of 25% per year or 10% per month and offered guarantees against trading losses. The complaint further states that trading was in fact making losses.
It is believed that Borrowing Station had mis-used around $290,000.
Since the credit crisis the CFTC have been aggressively targeting unregulated firms trading in margin FX. US residents can only trade with US based brokers.
US regulators have taken oath to decapitate any firm running Ponzi Schemes after the Madoff disaster. A Maryland court has found Borrowing Station LLC guilty of fraud, misappropriation and registration violations in relation to margin FX.
The CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term was called to Borrowing Station LLC after several complains were put forward by investors who were deceived by owner Sidney J. Charles.
The charges brought forward claim that Charles and Borrowing Station had fraudulently solicited funds from 18 individuals during October 2009 till July 2011, with an average of $35,000 for investments in 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. Charles' firm allegedly promised clients returns of 25% per year or 10% per month and offered guarantees against trading losses. The complaint further states that trading was in fact making losses.
It is believed that Borrowing Station had mis-used around $290,000.
Since the credit crisis the CFTC have been aggressively targeting unregulated firms trading in margin FX. US residents can only trade with US based brokers.