Thursday, October 28, 2010

SEC Press Release: Fraud in Forex Trading

SEC Charges Massachusetts-Based Forex Traders and Their Firm With Fraud

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had
charged two foreign currency traders and their Boston-based company with operating a fraudulent scheme in which they sent investors misleading account statements while stealing their funds and incurring major trading losses.

The SEC alleges that Karlis and Akyil raised approximately $40 million from investors for a foreign currency trading venture. They pocketed the money for themselves as well as used it for operations and other business ventures that they were running. Here are the SEC Complaint and the Litigation Release No. 21712.

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