$25M In Sanctions In Boiler Room Scandal

Law360, New York (December 19, 2006, 12:00 AM EST) -- The Commodity Futures Trading Commission announced Tuesday that a federal judge has hit the instigators of a foreign-currency fraud case with over $25 million in sanctions.

The decision, handed down by Judge George Daniels of the U.S. District Court in Manhattan, ended three years of litigation against 31 defendants in six separate cases.

It all started when the CFTC, the FBI, the Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York launched an 18-month undercover law enforcement sting called...
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