Brokerage, Futures Merchant Settle CFTC Fraud Case

Law360, New York (September 17, 2007, 12:00 AM EDT) -- A Florida brokerage, its controlling officers and a futures merchant have been ordered to pay nearly $2.3 million to settle claims that they fraudulently solicited customers to buy foreign exchange options contracts without disclosing investment risks or the company's poor track record.

The U.S. Commodity Futures Trading Commission entered into consent orders in a New York federal court on Friday with International Currency Exchange Inc., its principals Michael Cottec, John Aucella and Eugene Aucella, as well as futures commission merchant Worldwide Clearing LLC.

ICE fraudulently solicited...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.