$85m FX ponzi fraud exposed in US
SAN FRANCISCO - US futures regulators have uncovered the largest foreign exchange ponzi scheme since taking on surveillance of the retail foreign exchange market under revisions to the US farm bill in May last year.
The Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) froze the assets of California-based Peter Son and Jin Chung for running an $85 million forex ponzi scheme. The two lured 500 investors from the US, South Korea and Taiwan with false
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