COMMISSION ADVISORY BEWARE OF FOREIGN CURRENCY TRADING FRAUDS
Forex: Risky Business?
Recently, there has been a rise in Forex transactions. Forex trading can involve a high degree of risk and may be more suitable for market professionals rather than the average retail investor. Forex, stands for foreign exchange trading. It usually means the right to buy or sell a certain amount of foreign currency at a fixed price in US dollars. In order words, you are betting on the way exchange rates will change.
Check To See If Brokers And Firms Are Licensed
Brokers and firms that trade Forex must be licensed with the National Futures Association (NFA). To check if the broker or firm that you are working with is licensed, please visit the National Futures Association BASIC Search. Forex may be traded on an exchange that is regulated by the Commodity Futures Trading Commission (CFTC) or off-exchange.
To find out whether firms or counterparties with whom you plan to trade are registered or regulated institutions or entities that are outside the CFTC's jurisdiction, you can check the lists of regulated institutions on the following websites. Some institutions outside the CFTC's jurisdiction do not appear on any of these lists or in other readily-available places:
Federal Reserve Board (www.federalreserve.gov)
Federal Financial Institutions Examination Council (www.ffiec.gov)
Federal Deposit Insurance Corporation (www.fdic.gov)
U.S. Securities and Exchange Commission (www.sec.gov)
The Office of the Comptroller of the Currency (www.occ.treas.gov)
Office of Thrift Supervision (www.ots.treas.gov)
National Credit Union Association (www.ncua.gov)
National Association of Securities Dealers Regulation, Inc. (www.nasdr.com)
All U.S. Government web sites can be located through links at www.firstgov.gov
Your state Attorney General's office and state banking, insurance and securities regulators (which often have their own web sites).
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Saturday, November 26, 2011
Currency Market Scams ... Foreign Currencies ...
Recently updated material .. Link ~ Currency Market Scams ... Foreign Currencies ...
For Immediate Release – October 6, 2011
SECURITIES COMMISSIONER ORDERS CALIFORNIA FIRM TO STOP PROMOTING INVESTMENTS IN IRAQI DINAR ... Link
For Immediate Release – October 6, 2011
SECURITIES COMMISSIONER ORDERS CALIFORNIA FIRM TO STOP PROMOTING INVESTMENTS IN IRAQI DINAR ... Link
Thursday, November 24, 2011
Pharming – Redirecting website traffic to bogus sites
What is Pharming?
Pharming (pronounced “farming”) is another form of online fraud, very similar to its cousin phishing. Pharmers rely upon the same bogus Web sites and theft of confidential information to perpetrate online scams, but are more difficult to detect in many ways because they are not reliant upon the victim accepting a “bait” message. Instead of relying completely on users clicking on an enticing link in fake email messages, pharming instead re-directs victims to the bogus Web site even if they type the right Web address of their bank or other online service into their Web browser.
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Cybercrimes, Internet Fraud Online Web Scams, Cyber Crime Consumer Fraud, Internet Crime, Website Spoofing Phishing Scams
Cybercrimes, Internet Fraud Online Web Scams, Cyber Crime Consumer Fraud, Internet Crime, Website Spoofing Phishing Scams ~ Link
Monday, November 21, 2011
Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
November 16, 2011
Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
CFTC Charges California Residents Robert Cannone, Thomas Breen, and Francis Franco and Their Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
The defendants charged with fraudulent solicitation, misappropriation of customer funds, and false statements
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in federal court in Santa Ana, Calif., charging defendants Robert J. Cannone of Laguna Niguel, Thomas B. Breen of San Juan Capistrano, Francis Franco of Anaheim, and their company National Equity Holdings, Inc. of Laguna Niguel, with fraudulently operating a $1.4 million commodity futures pool and with registration violations.
The CFTC complaint, filed in the U.S. District Court for the Central District of California, alleges that from at least May 2009 through at least May 2010, the defendants fraudulently solicited and accepted at least $1.4 million from 20 or more individuals to trade commodity futures contracts by participating in a commodity pool called NEH.
The defendants traded only a portion of the pool participant funds in proprietary accounts, sustaining overall and significant losses of approximately $582,631, according to the complaint. Defendants also allegedly misappropriated the majority of the pool participants’ funds to make so-called returns to participants in monthly payments that defendants claimed were the profitable proceeds of their trading.
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Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
CFTC Charges California Residents Robert Cannone, Thomas Breen, and Francis Franco and Their Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
The defendants charged with fraudulent solicitation, misappropriation of customer funds, and false statements
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in federal court in Santa Ana, Calif., charging defendants Robert J. Cannone of Laguna Niguel, Thomas B. Breen of San Juan Capistrano, Francis Franco of Anaheim, and their company National Equity Holdings, Inc. of Laguna Niguel, with fraudulently operating a $1.4 million commodity futures pool and with registration violations.
The CFTC complaint, filed in the U.S. District Court for the Central District of California, alleges that from at least May 2009 through at least May 2010, the defendants fraudulently solicited and accepted at least $1.4 million from 20 or more individuals to trade commodity futures contracts by participating in a commodity pool called NEH.
The defendants traded only a portion of the pool participant funds in proprietary accounts, sustaining overall and significant losses of approximately $582,631, according to the complaint. Defendants also allegedly misappropriated the majority of the pool participants’ funds to make so-called returns to participants in monthly payments that defendants claimed were the profitable proceeds of their trading.
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Tuesday, November 15, 2011
After Tip, the Claim For Reward ~ Currency Trades and Bank Overcharge
November 16, 2011
After Tip, the Claim For Reward
Whistleblowers alleging that two banks overcharged clients for currency trades could provide an early test of a new U.S. program to encourage tips of possible financial wrongdoing.
The whistleblowers, who are helping the Securities and Exchange Commission in civil investigations into whether Bank of New York Mellon Corp. and State Street Corp. improperly charged customers for currency trades, have filed claims seeking possible bounties from the SEC, according to people familiar with the matter.
The Securities and Exchange Commission seal outside headquarters in Washington, D.C.
The agency's whistleblower program, launched under the Dodd-Frank financial-overhaul act, stemmed from calls for tougher policing of Wall Street following the financial crisis. The plan for the first time offers government bounties to financial insiders and others who tip off the SEC about alleged securities fraud, offering payments of at least $100,000 to those whose information leads to big enforcement penalties.
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After Tip, the Claim For Reward
Whistleblowers alleging that two banks overcharged clients for currency trades could provide an early test of a new U.S. program to encourage tips of possible financial wrongdoing.
The whistleblowers, who are helping the Securities and Exchange Commission in civil investigations into whether Bank of New York Mellon Corp. and State Street Corp. improperly charged customers for currency trades, have filed claims seeking possible bounties from the SEC, according to people familiar with the matter.
The Securities and Exchange Commission seal outside headquarters in Washington, D.C.
The agency's whistleblower program, launched under the Dodd-Frank financial-overhaul act, stemmed from calls for tougher policing of Wall Street following the financial crisis. The plan for the first time offers government bounties to financial insiders and others who tip off the SEC about alleged securities fraud, offering payments of at least $100,000 to those whose information leads to big enforcement penalties.
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Helpless Indian Workers Conned into Smuggling Counterfiet Rupees (an emerging market currency) ...
Wednesday, November 16, 2011 Helpless Indian workers conned into smuggling fake currency
Blue-collar men leaving Gulf nations are lured by free air tickets, claim Indian Intelligence reports
Indian blue-collar workers in the Gulf are being warned not to carry strangers’ luggage or accept free air tickets when travelling home.
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