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London FX Trading Firm Boss Charged with £50 Million Ponzi Scheme

A London-based foreign exchange (FX) trading firm boss has been charged with running a £50 million Ponzi scheme. The scheme was uncovered by the Financial Conduct Authority (FCA) and the Serious Fraud Office (SFO).

How the Scheme Worked

The scheme involved the boss of the FX trading firm, who promised investors high returns on their investments. The scheme was designed to look like a legitimate FX trading business, but in reality, the money was being used to pay back earlier investors and to fund the boss’s lifestyle.

The Investigation

The FCA and SFO launched an investigation into the scheme after receiving a number of complaints from investors. The investigation uncovered that the scheme had been running for several years and had defrauded investors out of millions of pounds.

The Charges

The boss of the FX trading firm has been charged with fraud and money laundering. He is facing up to 10 years in prison if convicted.

Summary

The boss of a London-based foreign exchange (FX) trading firm has been charged with running a £50 million Ponzi scheme. The scheme was uncovered by the Financial Conduct Authority (FCA) and the Serious Fraud Office (SFO) after receiving complaints from investors. The boss has been charged with fraud and money laundering and is facing up to 10 years in prison if convicted.

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