The defendants are charged with fraudulently soliciting at least $1.2 million from retail clients to trade FX options. Atwood and Kardonick have been charged with misappropriating client funds. “This forex fraud, which infiltrated the globe as an international enterprise, should remind all investors to exercise prudence and restraint when presented with opportunities to profit with little to no risk. The CFTC reminds investors to conduct their own research and avoid being duped. The bottom line always is: If it sounds too good to be true, it usually is,” says the CFTC’s acting director of enforcement Stephen Obie.
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