Forex fraudster fined $29 million and jailed
NEWS
Richard Matthews, Jr and his company White Pine Trust were ordered to pay penalties of $14.7 million and the same amount in restitution by the Commodity Futures Trading Commission (CFTC). Matthews was found guilty of misappropriating customer funds, issuing false account statements and fraudulently soliciting and offering illegal FX options.
This type of fraud continues to be a common problem, according to Gregory Mocek, CFTC's director of enforcement. He said: "Off-exchange foreign currency
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