Colombian Pair Ran $100M Forex Ponzi Scheme, Investors Say

Law360, New York (March 27, 2012, 2:31 PM EDT) -- Two Colombian residents ran a $100 million Ponzi scheme through bogus foreign currency exchange trading firms in the U.S. and overseas, 200 investors purportedly bilked in the fraud allege in a suit filed Monday in New York state court.

Defendants Jairo E. Sanchez and Dilia M. Baez marketed themselves as experts in forex trading through various entities in Colombia, Switzerland, Florida and New York, according to the suit. The entities were allegedly operated under the name Forex International Team, or FIT.

Beginning as early as 2000,...
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