CFTC fines OTC traders $12m

The Addison Enterprise and its controller Alan Lerner were found guilty of fraudulently luring retail clients into bogus FX options trades with Forefront Investments, managed by Todd Guthrie, and Benji Dayan. The scam cost investors around $7.1 million in losses, 93% of the $7.6 million invested in the transactions.

Investigations revealed Addison Enterprise used five subsidiaries, Liberty Mutual, Addison Financial, Addison Management, Hamlin Mercer and Colfax Management, as vehicles for the scam

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