US trader ordered to pay back $35m | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

FXDirectDealer, LLC Ordered to Pay $600,000 Civil Monetary 3 replies

ordered demo but executed real account then margin stopped out 0 replies

Forex Capital Markets Ltd. Ordered to Pay $140,000 Penalty to Settle CFT 3 replies

Interbank FX, LLC Ordered to Pay $200,000 4 replies

US trader ordered to pay back $35m

  • #1
  • First Post: Jan 12, 2007 7:57am Jan 12, 2007 7:57am
<TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD>Friday, 12th January 2007 06.50am</TD></TR><TR><TD>http://www.fxcentre.com/images/sp.gif</TD></TR><TR><TD background=images/dash_across2.gif>http://www.fxcentre.com/images/sp.gif</TD></TR><TR><TD>http://www.fxcentre.com/images/sp.gif</TD></TR><TR><TD style="TEXT-ALIGN: justify">A former US currency trader convicted of defrauding hundreds of investors has been ordered to pay more than USD33 million in one of the largest fines against an individual sued by the U.S. Commodity Futures Trading Commission.



However, one of the prosecutors in the criminal case against Russell Cline said the order was "a symbolic victory, unfortunately."

Cline was sentenced last February to eight years in prison for the investment scam he ran through Orion International Inc., the company he founded in 1998 and led until late 2002.

Under a plea bargain in the criminal case, Cline admitted he solicited investors through a Web site, brochures and seminars, then falsely represented that their money would be used to trade in foreign currencies, promising returns of more than 60 percent to 200 percent annually.



</TD></TR><TR><TD>http://www.fxcentre.com/images/sp.gif</TD></TR><TR><TD></TD></TR></TBODY></TABLE>
  • #2
  • Jan 12, 2007 8:10am Jan 12, 2007 8:10am
damn, 8 years for one little scam? harsh!

great story boycie, thanks!
Relax and be happy.
  • #3
  • Jan 12, 2007 8:12am Jan 12, 2007 8:12am
makes ya wonder, how did a guy promising 60 percent to 200 percent from some website collect 35mil from people?
Relax and be happy.
  • #4
  • Jan 12, 2007 8:12am Jan 12, 2007 8:12am
merly a token jesture........
Same Whore .... Different Dress
  • #5
  • Jan 12, 2007 10:02am Jan 12, 2007 10:02am
Quoting merlin
damn, 8 years for one little scam? harsh!

great story boycie, thanks!
i like to see that maybe it will deter upcomming scam artist.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Jan 12, 2007 10:11am Jan 12, 2007 10:11am
Quoting Moe
i like to see that maybe it will deter upcomming scam artist.
No chance. Drop in to any Irish bar in Barcelona and listen for the English and American accents. It's the European capital of the boiler rooms and you'll hear them bragging about who they ripped off during their "working" day. B*S*A*D*. Be sad as well as filling in the stars for my view on them.
Do not focus on making money; focus on protecting what you have.
  • #7
  • Jan 12, 2007 10:22am Jan 12, 2007 10:22am
Quoting Moe
i like to see that maybe it will deter upcomming scam artist.
i doubt it has there are so many its like a plague.. from fx,stock,lottery.

but that fact that so many people fall for some of this shit it pretty amazing too..

I mean how do you send some guy 5k to 100k via western union to collect a lotter you supposally won in some other country you probally have never been to...


turbo
  • #8
  • Jan 12, 2007 10:41am Jan 12, 2007 10:41am
Quoting turbokaos
i doubt it has there are so many its like a plague.. from fx,stock,lottery.

but that fact that so many people fall for some of this shit it pretty amazing too..

I mean how do you send some guy 5k to 100k via western union to collect a lotter you supposally won in some other country you probally have never been to...


turbo
i use to get that shit in the mail now i get email's about how i won the lottery in some other country just send us $29.95 and we send you your million dollar check, yeah right. its a shame how people fall for that young and old.
If I Go Broke Trying Then I Will die happy.
  • #9
  • Jan 12, 2007 10:46am Jan 12, 2007 10:46am
maybe im in the wrong business, everybody in this forum send me $10.00 and i promise il turn that into $10,000 in one day do you think that work, some people may fall for this and thats a shame.
If I Go Broke Trying Then I Will die happy.
  • #10
  • Jan 12, 2007 11:41am Jan 12, 2007 11:41am
Sometimes people get hard up for easy money ... they are blinded and don't see the traps. The same way many new traders get caught in Forex ...

Happy Trading ...
If it is not broken, fix it until it is!
  • #11
  • Jan 12, 2007 12:29pm Jan 12, 2007 12:29pm
Quoting Moe
maybe im in the wrong business, everybody in this forum send me $10.00 and i promise il turn that into $10,000 in one day do you think that work, some people may fall for this and thats a shame.
Give me your PayPal details
  • #12
  • Jan 12, 2007 12:36pm Jan 12, 2007 12:36pm
A fool and his money are soon parted
  • #13
  • Jan 12, 2007 12:54pm Jan 12, 2007 12:54pm
Quoting Moe
maybe im in the wrong business, everybody in this forum send me $10.00 and i promise il turn that into $10,000 in one day do you think that work, some people may fall for this and thats a shame.
moe some how i get the feeling if i sent you ten bucks you could turn it in to ten grand in one day no problem!
  • #14
  • Jan 12, 2007 12:55pm Jan 12, 2007 12:55pm
Hasn't anyone ever heard of the markets are driven by fear and GREED .....as to why would somebody send someone else in another country money to collect on a supposed lotto winner.

At the same time how many traders post how they make 20%, 40% or more a day or week or even per month. Thats an example of fear. Fear that they are not keeping up with the big boys so they "lie like a rug".
  • #15
  • Jan 12, 2007 1:22pm Jan 12, 2007 1:22pm
A buddy of mine recently deposited $50k with a local hedgefund. The operator had written a book on the subject of writing deep OTM options and has documents showing tens of millions under management. On the surface it looks like a reputable operation and the philosophy behind the methodology seems sound. Unfortunately, the guy sucks ass as a trader and my buddy has taken a 50% loss on his investment in 4 months. I don’t know if it’s actually a scam or not, but when I hear about the trades the guy is taking on my buddies behalf I just shake my head.

My buddy is an accredited investor with millions in assets and a long track record of business success. None of that seemed to help him see through a slick marketing tactic and a cushy downtown office. Is it really so hard to believe that average Joe working the 9 to 5, dreaming about pimpin in a bling bling escalade could be seduced into parting with his money?
  • #16
  • Jan 12, 2007 1:30pm Jan 12, 2007 1:30pm
Quoting merlin
makes ya wonder, how did a guy promising 60 percent to 200 percent from some website collect 35mil from people?
the answer is only one : GREED
  • #17
  • Jan 12, 2007 1:50pm Jan 12, 2007 1:50pm
this is one fear I always had with managed account. Unless it's with a large firm, I can't trust any individual or unknown company with my money. And why does the minimum investment amount always have to be $50,000 and higher? Because they know someone with $1000 investment will withdraw money as soon as it doubles?
  • #18
  • Jan 12, 2007 2:00pm Jan 12, 2007 2:00pm
Quoting Moe
maybe im in the wrong business, everybody in this forum send me $10.00 and i promise il turn that into $10,000 in one day do you think that work, some people may fall for this and thats a shame.
If you're not lying in your posts in the newsthread where do I send my 10bucks?

It makes you wonder though. He's been doing it for 4 years, and I assume that 35million is his gains, either full or partial? How about you quit after six months when you have a lifetimes worth of money and disappear? Why would you push it? He was asking to be busted.
  • #19
  • Jan 12, 2007 2:11pm Jan 12, 2007 2:11pm
Quoting Moe
maybe im in the wrong business, everybody in this forum send me $10.00 and i promise il turn that into $10,000 in one day do you think that work, some people may fall for this and thats a shame.
do you accept egold?? rofl
CRAIGSLIST BARTERING CHAMPION
  • #20
  • Jan 12, 2007 2:28pm Jan 12, 2007 2:28pm
Moe

Can you send me your address ??? I have the ten bucks... I trust you...
0 traders viewing now