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CFTC: Feeling Minnesota(n’s collar)

Customer funds allegedly used to purchase property, develop a hotel and casino, buy cars, a house boat and a submarine.

The US Commodity Futures Trading Commission (CFTC) obtained an emergency court order this week freezing assets held by Minnesota residents Trevor Cook, Patrick Kiley and their companies, Oxford Global Advisors, Oxford Global Partners, Universal Brokerage FX and Universal Brokerage FX Diversified. The CFTC is charging them with fraud and misappropriation in connection with leveraged FX trading.

The CFTC has charged the defendants with running what it describes as a “massive forex scheme that defrauded hundreds of customers of more than $190 million.” The court order stems from a CFTC complaint filed under seal on November 23. It also charges that the defendants misappropriated customer funds to purchase property, develop a hotel and casino in Panama, buy seven luxury cars, a house boat and a submarine and fund their frequent gambling.

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