US says 11 currency traders operating illegally
Lawyer Blogs
Federal regulators are suing 11 firms they say broke the law by selling foreign-currency contracts to the public without being registered with a government agency.
The lawsuits announced Thursday were the second "sweep" by the Commodity Futures Trading Commission under regulations that took effect last October as mandated by the financial overhaul law. The commission is seeking to stop the firms from operating unless they register with it, and it wants civil fines and restitution.
Seven of the 11 firms are incorporated outside the U.S. The CFTC's first such action targeted 14 firms in January.
The agency urged all investors to check whether any firm they invest with is registered. If not, members of the public should be wary, the CFTC said.
The rules requiring foreign-currency trading firms to register are intended to protect investors from potentially fraudulent operations, the agency said.
When an investor buys a foreign-currency contract, he or she buys the right to purchase an amount of foreign currency at a fixed price in dollars. Investors hope to profit from ups and downs in currency markets, but they also can suffer losses from sharp price swings.
The CFTC and state regulators have previously warned the public to be cautious before trading foreign currencies in general — especially outside of major exchanges such as the Chicago Mercantile Exchange — saying it can be very risky.
Related listings
-
Guilty plea for Va. man in $318K Social Security fraud
Lawyer Blogs 09/09/2011A Bristol man has pleaded guilty to stealing Social Security benefits and making false statements in an attempt to hide the thefts. Seventy-one-year-old David Ross entered the plea Thursday in federal court in Abingdon. Ross faces a sentence of up to...
-
Fed appeals panel upholds bar of videotape
Lawyer Blogs 09/06/2011A federal appeals court says a Mississippi court did not err in barring jurors from seeing a videotape made by a former butcher who had claimed it might have prevented him getting a death sentence. Gary Carl Simmons Jr. was convicted of capital murde...
-
Ex-Pa. House speaker pleads guilty to corruption
Lawyer Blogs 09/04/2011The onetime speaker of the Pennsylvania House of Representatives pleaded guilty Wednesday to eight criminal charges stemming from a public corruption investigation, making him the highest-ranking state politician to be convicted in the four-and-a-hal...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.