More forex bad guys

Discussion in 'Forex' started by cgroupman, Feb 7, 2007.

  1. 07 Feb 2007 12:39 EST DJ US Court Orders 3 Cos Accused Of Fraud By CFTC To Pay $123M

    WASHINGTON (Dow Jones)--A federal court has ordered three companies accused by a futures market regulator of fraud to pay $123 million in fines and restitution.

    The U.S. District Court for the Northern District of Texas made its ruling against Premium Income Corp., Inforex Ltd., and Tri-Forex International Ltd., the Commodity Futures Trading Commission announced Wednesday. The firms had a Seattle address.

    Premium Income Corp. and its affiliates were sued in 2005 by the CFTC, which alleged the firms engaged in fraud in the sale and solicitation of illegal foreign currency covered call options.

    The court's order requires total repayment to customers of $12,374,104. On top of that, each firm must pay a penalty of $37,122,312.

    -By Jeff Bater, Dow Jones Newswires;

    (END) Dow Jones Newswires

    February 07, 2007 12:39 ET (17:39 GMT)

    Copyright (c) 2007 Dow Jones & Company, Inc.