http://news.smh.com.au/breaking-new...h-fraud-over-forex-losses-20100804-11fes.html Q Man charged with fraud over forex losses August 4, 2010 AAP 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 beaches. 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 UQ