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SEC Halts Foreign Currency Futures Scam

The SEC has charged Patrick H. Haxton of Carrollton, Texas, and his company Royal Forex Management, LLC with securities fraud.  Specifically, the Commission claims that Haxton solicited investments by telling people that he had generated historical returns on foreign currency trading of 400% to 500% per year.  The fund actually lost money, and Haxton misappropriated what [...]

The SEC has charged Patrick H. Haxton of Carrollton, Texas, and his company Royal Forex Management, LLC with securities fraud.  Specifically, the Commission claims that Haxton solicited investments by telling people that he had generated historical returns on foreign currency trading of 400% to 500% per year.  The fund actually lost money, and Haxton misappropriated what was left to his personal use.  The Commission alleges that some of the investments were never used to trade currency but instead went right into Haxton’s pocket. 

The dollar has been in the tank.  Most investors are aware of that.  The scam artist who - as part of his pitch - can tell the prospective investor something that he or she already knows to be true gains a measure of credibility with the mark.  As long as the dollar is in the news, you can expect to see other scams tailored around foreign securities trading.  Put a pair of SEC-trained eyes on any unregistered investment, or risk losing your nest egg. 

 

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