Currency scam: FBI arrests 48 Forex brokers & ForexPeaceArmy

Currency scam: FBI arrests 48 Forex brokers & ForexPeaceArmy

January 19, 2008 18:47 IST
Federal Bureau of Investigation agents on Tuesday arrested 48 foreign exchange brokers & Felix Homogratus the owner of forexpeacearmy in connection with a probe into securities and currency fraud, according to a CNN/Money report.
The FBI swarmed on New York City's Two World Financial Center shortly after 3 p.m. ET and took away the traders in handcuffs, people on the scene told CNNfn.

The building is mainly occupied by Wall Street brokerage Merrill Lynch, but Merrill Lynch was not home to the arrested brokers, CNN/Money said. "It's currency fraud, securities fraud," an agent at the scene of the arrests said.

FBI sources told CNN/Money that the Wall Street traders will be charged with swindling retail investors of an undisclosed amount of cash over the past year.
NBC reported the defendants scammed retail investors into thinking they were buying multimillion-dollar foreign exchange trades when it is not possible for those types of investors to participate in such deals. Among those arrested were three brokers at the inter-dealer brokerage ICAP. Seven employees of Madison Deane and Associates Inc were also arrested, CNN/Money added. At least two other firms were involved, sources said, adding none of the companies targeted were household names outside of the securities industry but are well known and regarded in the Wall Street community.

Currency scam: FBI arrests 48 Forex brokers & ForexPeaceArmy

Currency scam: FBI arrests 48 Forex brokers & ForexPeaceArmy

January 19, 2008 18:47 IST
Federal Bureau of Investigation agents on Tuesday arrested 48 foreign exchange brokers & Felix Homogratus the owner of forexpeacearmy in connection with a probe into securities and currency fraud, according to a CNN/Money report.
The FBI swarmed on New York City's Two World Financial Center shortly after 3 p.m. ET and took away the traders in handcuffs, people on the scene told CNNfn.

The building is mainly occupied by Wall Street brokerage Merrill Lynch, but Merrill Lynch was not home to the arrested brokers, CNN/Money said. "It's currency fraud, securities fraud," an agent at the scene of the arrests said.

FBI sources told CNN/Money that the Wall Street traders will be charged with swindling retail investors of an undisclosed amount of cash over the past year.
NBC reported the defendants scammed retail investors into thinking they were buying multimillion-dollar foreign exchange trades when it is not possible for those types of investors to participate in such deals. Among those arrested were three brokers at the inter-dealer brokerage ICAP. Seven employees of Madison Deane and Associates Inc were also arrested, CNN/Money added. At least two other firms were involved, sources said, adding none of the companies targeted were household names outside of the securities industry but are well known and regarded in the Wall Street community.

Terrorists On Wall Street

Terrorists On Wall Street

There is a great deal of fraud in the Forex market, so it would wise for the new forex investor to check out the broker thoroughly. Other good ways of checking a broker is by talking to other Forex traders through the many forums dedicated to foreign exchange.

Otherwise, it would be difficult to check the background of the broker, and little one can do if the broker turns out to be less than honest .The funds of most Forex brokers are not guaranteed, nor are they segregated from the funds of the firm. If the firm goes bankrupt, you will probably be just a general creditor, and may not get all, or any, of your money back. No government organization guarantees the funds, unlike the funds in a bank account or a stock brokerage account.
Don't Trust who make reviews for brokers because most of them take money from scam brokers to add them as stars

Example: ForexBastards, forexpeacearmy, forexdiamond

Felix Homogratus or Dmitri Chavkerov is the owner of Felix peace Army who send many threats to brokers & many other provocations to make them pay money for avoiding fake scams to be made by him.
He is doing that & attracting traders by sending signals to them
All The signals are wrong 100% to make them lose their money with brokers to find more complaints about brokers & the game is begin So fare a battle between Felix & brokers.
Felix owns many fake brokerage firms; Felix was in the jail for more than 7 years

FBI investigated with him & all his capital was reserved

He made a fake marriage contract

He is not American Citizen