FxTrade fined $9.9 million for fraud
The Court also issued an order of default judgment and permanent injunction against FxTrade, its principal Jeffrey Mischler, brokers Mary Jo Sibbitt and Ernst Behr, and an entity called Reverie.
The actions stem from an anti-fraud action filed by the US Commodity Futures Trading Commission (CFTC) in 2004. The CFTC alleged the staff misrepresented investments, profitability, levels of due diligence performed, and FxTrade's history to their clients.
The defendants have been ordered to pay a
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