Texas fraudster to pay $31 million Forex Scheme

A US federal court has found Robert Watson a Texas based FX fund manager guilty of soliciting investors who were given false information about investment assets and performance.

The U.S. Commodity Futures Trading Commission said a federal court ordered a Texas resident to pay $31 million tied to charges he operated a $21 million fraudulent off-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 foreign currency scheme.

Robert D. Watson and his business entities, PrivateFXGlobal One Ltd. SA and 36 Holdings Ltd., were ordered to pay $21 million in disgorgement and Watson was given a $10 million civil monetary penalty. Global One and 36 Holdings are under the control of a court-appointed receiver. The other order requires another Texas man, Daniel J. Petroski, to pay more than $550,000 for his role in the scheme.

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 has been cracking down on so called Madoff type ponzi schemes.