Friday, 25 July 2014
Last updated 2 hours ago
Jun 2 2010 | 10:05am ET
Polish police have finally arrested an American hedge fund fugitive wanted for money laundering and forex fraud.
The U.S. Embassy said today that Polish police arrested Alexsander Efrosman—also known as Alex Besser—in Krakow last weekend.
In 2005, the U.S. Commodity Futures Trading Commission filed charges against Efrosman, alleging that he committed fraud in regards to the sale of foreign currency futures contracts. The regulatory agency also filed charges against two funds that the New York-based hedge fund manager runs, Century Maxim Fund and AJR Capital.
The CFTC alleges that between April 2004 and June 2005 the defendant collected more than $5 million dollars from as many as 110 customers for the purpose of trading managed accounts in forex futures contracts not traded by a registered entity, as is required by law.
Efrosman has a history of fraudulent behavior. In 2000 he was extradited to the U.S. from France where he pleaded guilty to 10 counts of mail and wire fraud in relation to a different forex trading scheme. He was sentenced to three years in prison.
The latest charges allege that immediately after he was released from prison, he started plotting his new scheme.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…