CFTC Accuses C&R Financial Of Running Forex Ponzi

By Ben James

Law360, New York (March 10, 2010, 1:47 PM ET) -- The U.S. Commodity Futures Trading Commission has filed suit accusing C&R Financial and its owner Willie Lee Cloud Jr. of promising investors they could double or triple their money through foreign currency trading but losing or misappropriating most of the customers' cash.

The CFTC sued Cloud and C&R Financial in the U.S. District Court for the Southern District of Texas on March 4, accusing the Houston-based defendants of running a forex Ponzi scheme.

On Tuesday the judge overseeing the case scheduled an April 1 hearing on...
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