Wednesday, 7 October 2015
Last updated 21 hours ago
May 7 2007 | 10:16am ET
It’s the futures version of Bonnie & Clyde: Husband and wife team Monica and Brian Main of Valencia, Calif., allegedly posed as trading advisors and fleeced investors out of $3 million, according to the Commodities Futures Trading Commission.
Between April 2001 and April 2005, the Mains allegedly solicited and pushed their commodity-trading advice, services and software through a number of companies they controlled. The brazen duo posed as successful trading advisors and duped more than 1,200 investors out of $3 million.
According to the CFTC, Monica Main claimed to have become a millionaire from trading commodities using her trading system, when, in fact, she lost money trading. What’s more, the CFTC says her tainted history includes filing for bankruptcy in March 2003 and previously being convicted of criminal fraud.
The couple was ordered to pay $1.5 million in civil penalties and their companies $12.5 million in disgorgement and civil monetary penalties.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…