Discussion in 'Professional Trading' started by OddTrader, Aug 6, 2010.

  1. http://news.smh.com.au/breaking-new...h-fraud-over-forex-losses-20100804-11fes.html


    Man charged with fraud over forex losses
    August 4, 2010


    A 25-year-old man has been charged with fraud after losing more than $4
    million of investors' savings on the foreign exchange market.

    The man from Seaforth, in Sydney's northern suburbs, was charged on Wednesday
    with 52 counts of obtaining money by deception and six counts of dishonestly
    obtaining a financial advantage.

    Detectives from the Harbourside Local Area Command will allege the man enticed
    77 people to invest their savings with him.

    The man allegedly invested the money in the foreign exchange market and lost
    the lot.

    It is alleged he told the investors he was making significant gains, leading
    them to hand over a total of $5.9 million.

    "The man was able to re-coup some of the money to a handful of investors,
    however 58 people lost a total of $4.2 million," police said in a statement.

    Crime manager Inspector Greg Jewiss, of the Harbourside command, said police
    were seeking public assistance as a number of people were not aware they had
    been a victim of the fraud.

    Police believe the man was operating his business from his home at Seaforth
    and his client base was predominantly from the lower north shore and northern

    The man has been granted conditional bail and will appear in North Sydney
    Local Court on August 31.

    Anyone who believes they may have been involved should contact North Sydney
    Police Station on (02) 9956 3199 or Crime Stoppers on 1800 333 000.

    © 2010 AAP