CFTC Hooks Husband/Wife Futures Scammers

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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...