CFTC Sues Trader, 2 Others Over $1.4M Forex Fraud

Law360, New York (June 30, 2011, 7:35 PM EDT) -- The Commodity Futures Trading Commission on Thursday announced charges in Georgia against a commodity trader and two air traffic controllers who allegedly swindled $1.4 million as part of a fraudulent off-exchange foreign currency scheme.

Louis Giddens Jr. and Anthony Dutton raised $1.4 million from investors to trade off-exchange forex transactions and hired Michael Gomez to execute the trades, according to the CFTC. All the while, the defendants concealed losses from investors and Dutton and Gomez siphoned funds for their own use, the agency says.

Giddens and...
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