FX fraud leads to $11m payment order
A US District Court found that, during January 1999 to April 2002, Maxim Yampolsky and Frank Schiavone had made "fraudulent misrepresentations" regarding the trading of customer funds. This included issuing fictitious account statements to customers that showed considerable profits, before telling customers that "catastrophic trading losses" had wiped out their funds.
A separate order found that FLG had, during August 2002 to March 2003, fraudulently solicited customers for the purpose of trading
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