Issuing Hundreds of False Account Statements is Not Okay, says CFTC.

One wonders whether (former) foreign currency trader Alexandre P. Guimaraes felt a touch of relief yesterday, despite being ordered to pay $850,000 by the U.S. Commodity Futures Trading Commission. How exhausting it must have been to keep the plates spinning after sending out “hundreds of false monthly account statements” to twenty-nine forex customers reflecting fictitious profits every month. Of the $465,000 Guimaraes solicited from customers, he squandered 92% on bad forex trades and generous personal withdrawals for “international travel” and “jewelry.” [Read more…]

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