CFTC Sues Trading Firm Over Forex Swindle

Law360, New York (September 10, 2009, 2:37 PM EDT) -- The U.S. Commodity Futures Trading Commission has sued a North Carolina-based foreign currency firm for allegedly cheating investors out of $1.3 million in a foreign exchange Ponzi scheme.

The CFTC sued CapitalStreet Financial LLC and its principal Sean Mescall in the U.S. District Court for the Western District of North Carolina Sept. 8, accusing the firm of fraudulently soliciting funds from at least 69 investors in breach of the Commodity Exchange Act.

The agency said in a statement Sept. 9 that Mescall, of Charlotte, N.C., had...
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