Brazil hints at new forex futures and derivatives regulation

Brazil’s Finance Minister Guido Mantega hinted on July 5th that new regulatory measures are in store for his country’s expanding forex futures and derivatives market. ”The government will continue to take measures to contain the over-valuation of the exchange rate…We’ve taken...

UPDATED: CFTC fines forex scammer Ortiz $1.2 million

UPDATE The CFTC has published a press release and court order confirming that it has obtained a default judgement against the defendant. According to the release, “The order finds that, since May 2008, Goyep and Royal Returns, acting through Ortiz, fraudulently solicited 11 customers by guaranteeing...

FDIC issues final Dodd-Frank retail forex rule

The FDIC has submitted a revised, final version of its rule governing retail foreign exchange (“forex”) transactions to the Federal Register. The rule, modeled on the CFTC and OCC rules proposed previously, has only undergone very minor alterations and clarifications since it was first proposed on May...

Real estate scammer allegedly prey to forex fraud

The CFTC has filed charges against Mark Rice and his company, Financial Robotics (FinRob), for over-the-counter foreign exchange (“forex”) solicitation fraud and misrepresentation.  A federal judge in Texas has frozen the defendants’ assets, prohibited the destruction of books and records, and ordered...

Air traffic controllers and trader charged with forex fraud

The CFTC announced that it has filed charges against Louis Giddens, Anthony Dutton, and Michael Gomez for running a fraudulent off-exchange foreign currency (“forex”) scheme. The defendants allegedly took approximately $1.4 million from investors, and misappropriated almost all of it. Giddens and...

CFTC issues penalty for Florida forex fraud

The CFTC announced that it has filed and settled charges against Mark Adrian related to foreign exchange (“forex”) trading fraud. The Florida-based forex trader has been ordered to pay a large civil monetary penalty, and is banned from trading on behalf of other people or registering with the...

CFTC charges Juvenal Machado with forex fraud

The CFTC announced it has filed charges against Invers Forex, LLC, and Invers’ sole principle, officer, and employee, Juvenal Eduardo Machado. The Miami-based firm allegedly defrauded investors of nearly $800,000 by operating a retail foreign exchange (“forex”) Ponzi scheme. According to the CFTC,...

CFTC wins judgment against unregistered forex dealer

The CFTC announced today that it has obtained a default judgement and permanent injunction against foreign exchange, or forex, dealer ForInvest Group. The Commission filed a complaint against the Delaware-based firm in January 2011, alleging that the firm solicited clients to open off-exchange leveraged...

Capital Blu Management to pay $17 million for commodity pool fraud

The CFTC announced today that a federal court in Florida has ordered Capital Blu Management, LLC, Donovan Davis Jr, Damien Bromfield, Blayne Davis, and DD International Holdings, LLC (DDIH) to jointly and severally pay restitution of over $2.4 million for commodity pool fraud. Bromfield and Blayne Davis must...

BNY Mellon and State Street draw more fire for forex fraud

State Street and Bank of New York Mellon were catapulted back into the spotlight this week when Josh Mandel, Ohio’s treasurer, publically called for the state attorney-general to launch an investigation into the banks’ foreign exchange (forex) trade practices. This comes hot on the heels of an...