Mass. Targets Two Offshore Cos. Over Forex Schemes

Law360, New York (March 3, 2011, 11:53 PM EST) -- Massachusetts state regulators are targeting two offshore financial firms that allegedly traded in foreign exchange markets for failing to register as broker-dealers and investment advisers in the state.

Massachusetts Secretary of the Commonwealth William F. Galvin filed two administrative complaints Thursday requesting that Osiris FX and Eagle Trades Ltd. and their related principals stop selling securities and disgorge their ill-gotten gains.

Galvin also seeks to impose an administrative fine on the firms, according to the complaints.

Both investigations started with complaints from investors who have had...
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