CFTC Seeks Judgment In Phony Exchange Case

Law360, New York (May 31, 2007, 12:00 AM EDT) -- The Commodities Futures Trading Commission has asked a district court to enter a default judgment against several companies and exchanges, arguing that the firms have failed to defend themselves against the CFTC's allegations that they intentionally misled and defrauded investors.

In four motions filed on Wednesday, the CFTC asked the U.S. District Court for the Southern District of New York to enter a judgment of default against nine firms that fraudulently claimed to be either futures exchanges or futures brokers. All nine also falsely claimed to...
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