CFTC cracks down on forex brokers
The US district court for the southern district of Florida issued an order demanding over $6 million in civil penalties from World-Wide Currency Services, its president Gennady Spivack and vice-president, Ellison Kent Morris.
The order assessing civil monetary penalties stems from an enforcement action filed by the CFTC in federal court in January 2003. The CFTC had charged World-Wide, Spivack and Morris with fraudulently soliciting customers to invest in illegal, off-exchange foreign currency
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