The slick forex fraudster wasn't so smooth, after unlawful conduct, including evading feds and obtaining a high quality fake Russian passport, were not enough to keep Aleksander Efrosman from getting a +15 year prison term.
A repeated perpetrator of Forex fraud had his unscrupulous dealings come to an end, for at least the next 15 years, according to a prison sentence handed down by a US federal court, and announced by the FBI and US department of Justice (DoJ) in an official press release dated January 15th, 2014.
The offender in question, Aleksander Efrosman, 51 years of age, was an investment manager of Century Maxim Fund, Inc. and AJR Capital, Inc., and was sentenced to a term of imprisonment of 188 months following his conviction for wire fraud, as per the press release. The announcement follows a string of cases and after the CFTC filed a complaint against the offender and his two firms - in 2006- which at the time had their regulatory status with the National Futures Association (NFA), and includes a case document citing prior prison terms served by the repeat offender in the CFTC compliant.
Efrosman had fled the United States but was later extradited from Poland and pleaded guilty on October 18, 2012, as the international fugitive could “run but not hide,” paraphrasing the quote provided below by one of the key attornies in the case.
Ex-boiler Room Globetrotter Reminiscent of a Hollywood Movie
From January 2004 through June 2005, working from offices in Brooklyn and Staten Island, Efrosman defrauded investors by soliciting investments purportedly for the purpose of trading in the stock market and the foreign currency exchange market, noted in the press release. Efrosman had falsely told investors that he had a history of profitable trading and that the investments would be protected by a “stop-loss” mechanism which ensured that no trade lost more than 3 percent. Based on these misrepresentations, Efrosman raked in over $5 million from more than 100 investors, noted in the release. However, Efrosman did not invest the funds as promised, but instead used the funds for his personal benefit, including gambling over $3 million at Foxwoods Casino in Connecticut .
Efrosman fled the United States in 2005 with millions of dollars of investor funds. He first traveled to Cozumel, Mexico, then to Panama and ultimately to Poland, where he assumed the identity of “Mikhail Grosman” and obtained a high-quality fraudulent Russian passport. In the meantime, federal agents in the United States pursued Leads as to Efrosman’s whereabouts, and in a coordinated multinational effort, law enforcement authorities in Austria, the Czech Republic and Poland, tracked, located and ultimately arrested Efrosman in Krakow, Poland on May 28, 2010.
The story is reminiscent of a Hollywood movie, and loosely similar in context to the 'Wolf of Wall ' movie that has recently attracted attention, or even the "Catch Me If You Can" movie from 2002 played by leading actor Leonardo DiCaprio, as the regulatory landscape over the last twenty years has made it more difficult for such boiler room operations or wire fraud schemes to succeed in their malicious efforts to defraud investors. However, I would imagine the wild-goose chase that Efrosman started, after trying to evade regulators, was not as entertaining to victims of his scheme. Nonetheless, thanks to good political ties with Poland and the U.S, the extradition was successful, otherwise the investigation could still been ongoing - as in other countries where such fugitives are still at large.
“You Can Run, But You Can’t Hide”
Commenting in the official press release, US Attorney Loretta Lynch, who had been appointed by U.S. President Barack Obama, expressed her views about the notorious globetrotter caught on the run, “This case proves the old adage: ‘You can run, but you cannot hide.’ Aleksander Efrosman stole over $5 million from unsuspecting investors and fled the country, then engaged in a globetrotting effort to escape justice. But the coordinated efforts of law enforcement resulted in his capture. Today, Efrosman has finally been held to account for his betrayal of his clients’ trust.”
Ms. Lynch concluded in the statement, while expressing thanks to the cooperating bureaus involved, “As proved again today, this office will relentlessly pursue and prosecute the perpetrators of investment fraud schemes.”
The sentencing was imposed by United States District Judge Nicholas G. Garaufis at the federal courthouse in Brooklyn, New York, and in addition to the nearly two decade prison term, Efrosman was ordered to pay restitution of approximately $4 million.
The sentence was announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York; George Venizelos, Assistant Director in Charge of the Federal Bureau of Investigation, New York Field Office; and Philip R. Bartlett, U.S. Postal Inspector in Charge, New York Division. The government’s case was prosecuted by Assistant United States Attorney Daniel Spector.
A repeated perpetrator of Forex fraud had his unscrupulous dealings come to an end, for at least the next 15 years, according to a prison sentence handed down by a US federal court, and announced by the FBI and US department of Justice (DoJ) in an official press release dated January 15th, 2014.
The offender in question, Aleksander Efrosman, 51 years of age, was an investment manager of Century Maxim Fund, Inc. and AJR Capital, Inc., and was sentenced to a term of imprisonment of 188 months following his conviction for wire fraud, as per the press release. The announcement follows a string of cases and after the CFTC filed a complaint against the offender and his two firms - in 2006- which at the time had their regulatory status with the National Futures Association (NFA), and includes a case document citing prior prison terms served by the repeat offender in the CFTC compliant.
Efrosman had fled the United States but was later extradited from Poland and pleaded guilty on October 18, 2012, as the international fugitive could “run but not hide,” paraphrasing the quote provided below by one of the key attornies in the case.
Ex-boiler Room Globetrotter Reminiscent of a Hollywood Movie
From January 2004 through June 2005, working from offices in Brooklyn and Staten Island, Efrosman defrauded investors by soliciting investments purportedly for the purpose of trading in the stock market and the foreign currency exchange market, noted in the press release. Efrosman had falsely told investors that he had a history of profitable trading and that the investments would be protected by a “stop-loss” mechanism which ensured that no trade lost more than 3 percent. Based on these misrepresentations, Efrosman raked in over $5 million from more than 100 investors, noted in the release. However, Efrosman did not invest the funds as promised, but instead used the funds for his personal benefit, including gambling over $3 million at Foxwoods Casino in Connecticut .
Efrosman fled the United States in 2005 with millions of dollars of investor funds. He first traveled to Cozumel, Mexico, then to Panama and ultimately to Poland, where he assumed the identity of “Mikhail Grosman” and obtained a high-quality fraudulent Russian passport. In the meantime, federal agents in the United States pursued Leads as to Efrosman’s whereabouts, and in a coordinated multinational effort, law enforcement authorities in Austria, the Czech Republic and Poland, tracked, located and ultimately arrested Efrosman in Krakow, Poland on May 28, 2010.
The story is reminiscent of a Hollywood movie, and loosely similar in context to the 'Wolf of Wall ' movie that has recently attracted attention, or even the "Catch Me If You Can" movie from 2002 played by leading actor Leonardo DiCaprio, as the regulatory landscape over the last twenty years has made it more difficult for such boiler room operations or wire fraud schemes to succeed in their malicious efforts to defraud investors. However, I would imagine the wild-goose chase that Efrosman started, after trying to evade regulators, was not as entertaining to victims of his scheme. Nonetheless, thanks to good political ties with Poland and the U.S, the extradition was successful, otherwise the investigation could still been ongoing - as in other countries where such fugitives are still at large.
“You Can Run, But You Can’t Hide”
Commenting in the official press release, US Attorney Loretta Lynch, who had been appointed by U.S. President Barack Obama, expressed her views about the notorious globetrotter caught on the run, “This case proves the old adage: ‘You can run, but you cannot hide.’ Aleksander Efrosman stole over $5 million from unsuspecting investors and fled the country, then engaged in a globetrotting effort to escape justice. But the coordinated efforts of law enforcement resulted in his capture. Today, Efrosman has finally been held to account for his betrayal of his clients’ trust.”
Ms. Lynch concluded in the statement, while expressing thanks to the cooperating bureaus involved, “As proved again today, this office will relentlessly pursue and prosecute the perpetrators of investment fraud schemes.”
The sentencing was imposed by United States District Judge Nicholas G. Garaufis at the federal courthouse in Brooklyn, New York, and in addition to the nearly two decade prison term, Efrosman was ordered to pay restitution of approximately $4 million.
The sentence was announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York; George Venizelos, Assistant Director in Charge of the Federal Bureau of Investigation, New York Field Office; and Philip R. Bartlett, U.S. Postal Inspector in Charge, New York Division. The government’s case was prosecuted by Assistant United States Attorney Daniel Spector.
Nomura's Q4 Income Soars 123% on Strong Revenue Growth
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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