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Firm Fined $123M For Foreign Currency Swindle

Law360 (February 7, 2007, 12:00 AM EST) -- A court has imposed a $123 million fine on a Seattle financial services firm accused of involvement in a massive foreign currency fraud that allegedly scammed 25,000 investors.

U.S. District Court Judge Jane Boyle ruled Premium Income Corp (PIC), its affiliates—Inforex Ltd and Tri-Forex International Ltd.—and principals Gerald Rogers and Alexander Shevchenko engaged in widespread fraud to solicit millions of dollars from U.S. investors and make illegal foreign currency option trades.

The order of the Texas court follows a joint investigation by U.S. Securities and Exchange...
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