CFTC Accuses C&R Financial Of Running Forex Ponzi

Law360, New York (March 10, 2010, 1:47 PM EST) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.