Currency trading

It's been a bad year for several UK financial businesses called "Crown," topped off by the entry into administration of a currency trader called Crown Currency Exchange that sold its services on the basis of best rates. But did not keep its clients' money separate.

Saxo Bank, the specialist in online trading and investment, has re-launched its website, saying that it will "provide a simple entry point to anyone looking to become a forex trader and to be a useful resource for foreign exchange traders, or others, interested in the trading of currencies."

The U.S. Commodity Futures Trading Commission (CFTC) charged FX Professional International Solutions, Inc. (FXP) (a.k.a. FX Professional Solutions, LLC), of Orlando, Florida. and its principals, Pedro de Sousa (a.k.a. Pedroiz J. Sanz), also of Orlando, and Guillermo Rosario (a.k.a. Guillermo Rosario-Colon) of Coral Gables, Florida., with issuing false account statements to customers in connection with an off-exchange foreign currency (forex) fraud.

Trevor Gilson Cook pleaded guilty yesterday to one count of mail fraud and one count of tax evasion - but admitted a fraud of about USD190 million.

The US Commodities and Futures Trading Commission has published proposed rules to implement provisions buried deep in bill HR6124, The Food, Conservation and Energy Act of 2008, also known as The Farm Bill. What has such a bill got to do with CFTC? The Bill enables the Commission to develop "a comprehensive regulatory scheme that would put in place requirements for, among other things, registration, disclosure, recordkeeping, financial reporting, minimum capital, and other operational standards for entities involved in the offer and sale of certain foreign currency products to the retail public."

Open almost any newspaper in Malaysia at present and there are a host of "free seminars" on get-rich-quick schemes ranging from dealing in property without capital, various pyramid or multi-level marketing schemes, and making a fortune in the stock or currency markets. Malaysia's Central Bank warns of the risks of currency trading schemes: and also reminds those in Malaysia that currency trading is a crime unless specific conditions are met.

The U.S. Commodity Futures Trading Commission (CFTC) has obtained four separate orders against Vito Napoletano of Staten Island, N.Y., Boris Shuster of Brooklyn, N.Y., Patrick Sweeney of Freehold, N.J., and Joseph Torre of Old Bridge, N.J. They are ordered to repay USD7 million to victims of a forex fraud.

The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency federal court order freezing the assets of defendants Beau Diamond and his company, Diamond Ventures LLC, both of Sarasota, Florida.