Unregistered dealer Horizon FX Investments lost millions

B.C. Securities Commission issued a notice of hearing against a Cem Ali, president and sole director of Horizon FX Investments, alleging that he fraudulently induced nearly 1,000 people to invest $34 million in foreign exchange contracts. The money was placed with a New York foreign exchange trading firm called Razor FX, which was exposed as a Ponzi scheme in January 2008 and has since collapsed. Horizon FX investors, most of whom are B.C. residents, have so far lost $25.5 million, the commission said.

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