SEC, CFTC Accuse Mak 1 Of $70M Ponzi Scheme

Law360, New York (August 18, 2009, 6:34 PM EDT) -- The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have filed separate suits accusing currency trading firm Mak 1 Enterprises Group LLC and its owner of fraudulently soliciting as much as $70 million from investors.

The CFTC suit, filed jointly with the state of California on Monday in the U.S. District Court for the Southern District of California, alleges that Mohit Khanna, the company's owner, has defrauded 122 California investors of $16.4 million since 2002 as part of a Ponzi scheme.

Meanwhile, the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.