Texas fraudster to pay $31 million Forex Scheme

Thursday, 16/02/2012 | 22:53 GMT by Adil Siddiqui
Texas fraudster to pay $31 million Forex Scheme

A US federal court has found Robert Watson a Texas based FX fund manager guilty of soliciting investors who were given false information about investment assets and performance.

The U.S. Commodity Futures Trading Commission said a federal court ordered a Texas resident to pay $31 million tied to charges he operated a $21 million fraudulent off-Exchange foreign currency scheme.

Robert D. Watson and his business entities, PrivateFXGlobal One Ltd. SA and 36 Holdings Ltd., were ordered to pay $21 million in disgorgement and Watson was given a $10 million civil monetary penalty. Global One and 36 Holdings are under the control of a court-appointed receiver. The other order requires another Texas man, Daniel J. Petroski, to pay more than $550,000 for his role in the scheme.

The CFTC has been cracking down on so called Madoff type ponzi schemes.

A US federal court has found Robert Watson a Texas based FX fund manager guilty of soliciting investors who were given false information about investment assets and performance.

The U.S. Commodity Futures Trading Commission said a federal court ordered a Texas resident to pay $31 million tied to charges he operated a $21 million fraudulent off-Exchange foreign currency scheme.

Robert D. Watson and his business entities, PrivateFXGlobal One Ltd. SA and 36 Holdings Ltd., were ordered to pay $21 million in disgorgement and Watson was given a $10 million civil monetary penalty. Global One and 36 Holdings are under the control of a court-appointed receiver. The other order requires another Texas man, Daniel J. Petroski, to pay more than $550,000 for his role in the scheme.

The CFTC has been cracking down on so called Madoff type ponzi schemes.

Topics
regulation
fraud
About the Author: Adil Siddiqui
Adil Siddiqui
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