CFTC fines FX fraudsters $24m
In a co-operative law enforcement investigation dubbed Operation Wooden Nickel, consent orders were made against Michael Ross and Edward Sapienza Jr, and an order of default judgment taken against New York FX investment firm Walter, Scott, Lev & Associates.
The CFTC found, between January 1999 and April 2002, the defendants fraudulently misrepresented the trading of customer funds. They issued false account statements showing strong profits, then announced the funds had been wiped out by
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