The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

The weeklyFiX digest: Fraudsters fined in Florida

The US Commodity Futures Trading Commission has secured more than $12 million in restitution and civil monetary penalties against nine Florida defendants in settlement of an anti-fraud lawsuit related to the marketing of illegal off-exchange FX options.

The court has ordered the defendants to pay just over $7 million in restitution to defrauded investors. In addition, the court imposed civil monetary penalties and permanently barred Forefront Investments and the two Addison firms from engaging in any commodity-related activity. It also barred Benji Dayan, Todd Guthrie, and Alan Lerner from engaging in any commodity trading on behalf of others on any exchange or soliciting or accepting any funds from others for any on-exchange commodity trading.

It was found that from at least February 2005 until June 2006, the Addison companies fraudulently solicited retail customers to trade FX options with Forefront Investments as the counterparty. Customers lost more than $7 million of about $7.6 million they had invested. The Addison companies generated commissions of about $3.3 million.



Fraudsters fined in Florida

Published in the weeklyFiX 12 Dec 2008

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree