Convicted Forex Fraudster To Pay $31M To Customers, CFTC

Law360, New York (January 31, 2012, 8:29 PM EST) -- A forex trader already convicted of fraud for using sham trades to bilk investors told a Texas federal judge on Tuesday that he would pay $31 million in disgorgement and civil penalties to the U.S. Commodity Futures Trading Commission over the scheme.

The CFTC gave U.S. District Judge Gray Miller a consent order saying Robert David Watson and his sham forex companies PrivateFX Global One Ltd. SA and 36 Holdings Ltd. had agreed to disgorge $21 million to customers and pay $10 million in civil penalties...
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