Retail forex non-segregation to be eliminated in the UK

The UK Financial Services Authority has published a proposed rule that would put an end to Title Transfer Collateral Arrangements (“TTCA”) used in foreign exchange (“forex”) trading with retail clients. In December 2010, the FSA introduced a prohibition on TTCAs used in spread bets...

$30 million forex Ponzi scheme ends in guilty plea

David Lewalski has plead guilty to federal mail fraud charges in connection with a $30 million foreign exchange (“forex”) Ponzi scheme through his Florida-based company Botfly LLC. He faces up to twenty years in prison. Lewalski promised prospective clients monthly returns of up to ten percent,...

Federal Reserve proposes retail forex business standards

The Federal Reserve has published a proposed rule dictating business standards for Fed-supervised banks engaged in foreign exchange (“forex”) transactions with retail customers. The rule is part of Dodd-Frank Wall Street Reform and Consumer Protection Act implementation, and is largely similar...

Forex and commodities Ponzi schemers fined $8 million

The CFTC announced that Ruben Gonzalez, Jose Naranjo, and their company New Golden Investment Group, LLC (“NGI”) have been ordered to pay $8 million in disgorgement, restitution, and civil monetary penalties. A federal judge in California has found that the defendants ran a multi-million dollar...

Forex broker iForex suspended and fined by Hungarian regulator

iForex, a online foreign exchange (“forex”) broker, has been fined and had its operating license suspended by the Hungarian Financial Supervisory Authority (“HFSA”). The Authority claims that it uncovered violations of consumer-protection rules, including instances of forex fraud and...

Pastor caught in forex Ponzi scheme

The CFTC announced that Jeremiah C. Yancy and his company Longbranch Group International have been ordered to pay $2 million in restitution and civil monetary penalties. A federal court in Texas has found that Yancy and Longbranch ran a foreign exchange (“forex”) Ponzi scheme and misappropriated...

Three more defendants indicted in Trevor Cook’s forex Ponzi scheme

The U.S. Attorney General’s office in Minnesota has indicted three more individuals in connection with Trevor Cook’s multi-million dollar foreign exchange (“forex”) Ponzi scheme. Jason Bo-Allen Beckman, Gerald Joseph Durand, and Patrick Kiley have been charged with wire fraud, mail...

SEC issues retail forex investor bulletin

As part of its investor education initiative, the SEC has issued an Investor Bulletin educating consumers about the risks of retail foreign exchange (“forex”) trading. “Forex trading can be very risky and is not appropriate for all investors,” explains Lori J. Schock of the SEC’s Office of...

Captured forex Ponzi schemer charged by CFTC, SEC, Feds

The CFTC and SEC have both filed charges against Jeffery Alan Lowrance (formerly of Texas) and his New Zealand-based firm First Capital Savings and Loan. Both agencies allege that Lowrance ran a million-dollar Ponzi scheme via First Capital, fraudulently soliciting and subsequently misappropriating money...

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...
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