CFTC Accuses ‘Broker-Dealer’ Of $24.5M Fraud

Law360, New York (May 21, 2009, 12:00 AM EDT) -- The U.S. Commodity Futures Trading Commission has accused a Florida man and two companies he controls of soliciting funds from customers to be used in foreign currency exchange contracts, and overstating the amount of money in customers' accounts by as much as $24.5 million.

The CFTC's complaint, filed Thursday in the U.S. District Court for the Southern District of Florida, alleges that Michael J. Riolo and his companies, LaSalle International Clearing Corp. and Sterling Wentworth Currency Group Inc., have been soliciting funds for use in fraudulent...
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