Forex News And Forex Scams In April 2008
In forex news this week.
U.S. District Court Orders Two New York Residents And A New York Firm To Pay More Than $11 Million For Their Roles In Defrauding Investors In Foreign Currency (Forex) Schemes
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=74093
The default judgment order against FLG found that from August 2002 to March 2003, FLG fraudulently solicited customers for the purpose of trading managed forex contracts, created and provided fictitious account statements to customers reflecting trades that never took place, and defrauded customers of $2,226,063.
Lessons to be learned
As stated here and elsewhere Forex can be a risky endeavor. You should only deposit money into your own account that is held by a well known clearing firm.
Also if someone guarantees you a return then the trader is funding you with his own money.
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