Forex Fraudsters Shell Out Nearly $12M In CFTC Case

Law360, New York (January 10, 2017, 4:42 PM EST) -- A New York federal court has ordered two alleged fraudsters, one already jailed over a separate scheme, to cough up more than $11 million in penalties after finding they spent investors’ currency trading funds on personal expenses, the U.S. Commodity Futures Trading Commission said on Tuesday.

In three separate orders, the court handed the CFTC multiple wins against Alex V. Ekdeshman and Edward J. Servider after finding they used their company EJS Capital Management LLC to solicit cash from 112 investors for supposed foreign currency trading...
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