Forex Trader Was Jailed For Over 15 Years
On Monday a New York Forex Trader Was Jailed For Over 15 Years as he pleaded guilty to operating an illegal Ponzi scheme in which more than $66 million was scammed from investors. As part of their guilty plea in 2008 the rogue Forex trader forfeited more than $28 million in currency and property.
Former Forex trader Michael MacCaull, 38, from New York started operating as a spot foreign currency trader in 2001, gathering business via the trading company Razor FX but according to information released by the prosecuting office of the U.S. Attorney in Brooklyn the company barely traded in Forex. Instead much of the invested money was added to the MacCaull’s personal bank account, which he used to fund a lavish lifestyle, buying himself luxury homes, expensive cars and other desirable items.
Razor FX conducted virtually no Forex trading. Instead, the fraudulent company operated a Ponzi scheme. A Ponzi scheme is a fraudulent investment operation that pays returns and dividends to investors from their own money or money paid by subsequent investors, rather than from any actual profit earned from trading Forex.
Fraudulent Forex trader, MacCaull was sentenced by U.S. District Judge Dora Irizarry in the Brooklyn federal court to 15 and a half years followed by three years of supervised release. The prosecuting judge also ordered MacCaull to pay $66 million in compensation to his 272 victims.
One sure way to avoid such scams is to trade Forex for yourself at companies such as eToro. Not only is eToro quickly becoming one of the internet’s favourite and most trusted Forex trading companies but you will also find a huge selection of resources, hints, tips and advice to assist you in your quest for Forex trading profits. Visit www.etoro.com where you can be trading Forex in minutes with as little as $50 initial investment.
