Reported by Michael Greenberg, of ForexMagnates.com:
David Smith pleaded guilty, in Orlando federal court Tuesday, to four counts of wire fraud, a count of conspiracy to commit money laundering, and 18 counts of money laundering. Smith was once a principal of I-Trade, which was fined by the National Futures Association (NFA) for failing to implement adequate AML procedures. I-Trade subsequently ceased doing business and reemerged as eforex, whose clients were recently acquired by Ava FX.
Read More: David Smith pleads guilty to a $220 million forex ponzi scheme.