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In August 2008, the CFTC set up a special task force to deal with growing foreign exchange fraud. [3] In January 2010, the CFTC proposed new rules limiting leverage to 10 to 1, based on "a number of improper practices" in the retail foreign exchange market, "among them solicitation fraud, a lack of transparency in the pricing and execution of transactions, unresponsiveness to customer ...
The forex scandal (also known as the forex probe) is a 2013 financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates on the forex market for their own financial gain.
Fraudsters will often make a fake profile to trick potential buyers and sellers.
In case 1, Phillip Barry runs a Ponzi scheme in Brooklyn that scams over 800 investors of $40 million, resulting in a 20 year prison term. In case 2, Kevin Carney is running a Ponzi scheme in Chicago by claiming he invented a new stock trading computer program producing high returns. He scams $19 million and is sentenced to 13 years in prison. [30]
Here’s which scams were the riskiest. For premium support please call: 800-290-4726 more ways to reach us
The best way to protect yourself against email phishing scams is to avoid falling victim to them in the first place. "Simply never take sensitive action based on emails sent to you," Steinberg says.