Firms To Pay $22M For FX Scheme

Law360, New York (April 3, 2007, 12:00 AM EDT) -- Two New York investment firms accused by the Commodities Futures Trading Commission of fraudulently soliciting $5 million from 110 customers will pay $22 million in restitution, as ordered by a district court judge.

Judge Kimba M. Wood of the U.S. District Court for the Southern District of New York ordered Century Maxim Fund Inc. and AJR Capital Inc. and their principle, Alexsander Efrosman, to pay restitution, disgorgement and monetary penalties totaling $22,594,601.82.

The CFTC originally filed the case in September 2005, alleging that between April 2004...
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