Russell cline forex. In the latest scam, Oregon native Russell Cline was found guilty by a US district court of fraudulently soliciting $40m from individuals. Gregory Mocek, the commission's director of enforcement, said the case had involved a massive financial fraud. "In light of our success in prosecuting retail forex scams over.

Russell cline forex


Russell cline forex. The Russell index of small capitalization stocks fell 0. Thursday, to peek below the widelywatched day moving average (MA) line for the. Foreign exchange fraud is any trading scheme used to defraud traders by convincing them that they can expect to gain a Russell Cline; Russell Erxleben; Joel.

Russell cline forex

Discussion in ' Forex Trading ' started by marketsurfer , Jan 12, Log in or Sign up. January 12 The case highlights the proliferation of fraudulent foreign exchange schemes involving trading of currencies outside the interbank market and involving products offered to ordinary investors.

The retail forex market is largely unregulated but the Commodity Futures Trading Commission, the US futures regulator, has the power to pursue alleged fraud since products frequently involve types of currency futures contracts.

However, fraudsters have been able to escape CFTC action by designing contracts that fall outside many court-defined definitions of a futures contract.

Gregory Mocek, the commission's director of enforcement, said the case had involved a massive financial fraud. Forex scams account for about 28 per cent of the CFTC's case load.

According to a court order, Mr Cline and his company, Orion International, orchestrated a scheme starting in in which he "fraudulently solicited customers to purchase illegal off-exchange forex options and futures contracts by misrepresenting the profits and risks inv-olved in forex trading".

Mr Cline misappropriated much of the customers' funds to pay for personal expenses and entertainment and to pay others who participated in the scheme to defraud Orion's customers. As part of the scheme, Mr Cline provided customers with false account statements and directed the posting of false information on Orion's website regarding trading profits, market conditions and opportunities, the balances in individual investors' accounts, and the reasons for delays in paying customers' withdrawals.

Mr Cline has been in jail since May after pleading guilty in to charges of mail fraud and money laundering to a federal grand jury in Portland. Copyright The Financial Times Limited Commodity Futures Trading Commission. Under a plea bargain in the criminal case, Cline admitted he solicited investors through a Web site, brochures and seminars, then falsely represented that their money would be used to trade in foreign currencies, promising returns of more than 60 percent to percent annually.

Cline was convicted of mail fraud and money laundering after pleading guilty in U. District Court in Portland. Attorney Karin Immergut said after the sentencing that "victims' lives were ruined, retirements lost, college funds wiped out and bankruptcies realized" because of the investment scam.

District Judge Garr King signed a final order in the case last month, and the commission announced it Thursday in Washington. Attorney Allan Garten, who prosecuted Cline in the criminal case, said Thursday it was unlikely much of the money would be recovered because Cline had spent so much of it on gambling, prostitutes and expensive cars. The judge also issued a permanent injunction against Cline that prohibits him from directly or indirectly trading commodity futures contracts, options on commodity futures contracts, and transactions in foreign currency that are subject to CFTC jurisdiction.

Doesn't it blow you away? When I read stuff like that the first question that comes to my mind is "did he think he was going to get away with it? Although I think he should have gotten more than 8 years. What are the chances he's out walking before the 8 years have been served also?

What I want to know is - why are there other rip-off artists that are still allowed to roam the streets without any prosecution whatsoever!? To make a very long story short, he sold victims like me a trading robot called "AutoX".

He claimed it was doing fantastic. He gave out the great backtested stats it had been giving for the previous 2 years and pretty much made it sound like it was the greatest thing since sliced bread. Well, the problems started right away after recieving it. It would very often miss trades And when it DID take trades, it would lose more than win. As for the stats, I come to find out later the stats were from the company he bought the trading robot from.

Of course, it didn't. Zoltan promised he would refund everyone. However, it was a lie. He decided later to refuse to give out refunds and instead closed down his company of FX Trainer and started up another forex company instead.

Obviously he closed down the FX Trainer company so he wouldn't have to give refunds. Why do they prosecute other crooks like this Russell Cline guy but not a scumbag like Zoltan Vass??? I don't understand how he can get away with scamming people and not have the legal system come down on him to make him refund a lot of people for a product that didn't work! By the way, the forex company he is now running is called The Trading Post.

People like this will have to answer to a Higher Power than us one day! I sorry to hear that you got ripped off Kazoo. That's why I would rather learn , practice and create my own trading system s by studying Technical Analysis. I dont really believe most if any of the black box systems work that well anyways. And as was stated by the other post on this board, I think the guy in the first example should have gotten more than 8 yrs I bet he's out before 5 yrs. And if he was that smart he may have a Swiss bank account and will still live high on the hog.

You must log in or sign up to reply here. Your name or email address: Do you already have an account? No, create an account now. Yes, my password is:


583 584 585 586 587