Forex Trader Cops To Securities Fraud, Faces 20 Years

Law360, New York (June 13, 2011, 6:48 PM EDT) -- A Texas man pled guilty Friday to bilking investors of millions of dollars through his so-called Alpha One foreign currency investment scheme by promising them high returns when in fact he was barely making any trades.

Robert David Watson was charged in November with mail and wire fraud and money laundering. He faces up to 20 years in prison and a $5 million fine for his role in a web of trading enterprises that was essentially a Ponzi scheme, according to the U.S. Department of Justice....
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