Futures Broker To Pay $10M In CFTC Case

Law360, New York (December 7, 2007, 12:00 AM EST) -- A district court has ordered a Florida-based trading group and its founder to pay $10 million in civil penalties to settle allegations that the fund defrauded customers purchasing foreign currency futures and options.

In a default judgment entered on Friday, the U.S. District Court for the Eastern District of Michigan said that Millennium Trading Group LLC, executive Cedric Stanton and clearinghouse Worldwide Clearing LLC duped investors into sinking money into off-exchange forex futures and options by misrepresenting the risk associated with the investment.

The court ordered...
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