Feds Take Action Against Internet Fraud - WLOX.com - The News for South Mississippi

Feds Take Action Against Internet Fraud

(Washington-AP) -- Federal regulators are going after those who they say use the Internet to claim they made a killing on systems for trading commodities. The regulators announced five enforcement actions against those touting their systems. The move comes after a nationwide sweep against online investment scams.

The alleged scams have caused unwary investors to lose millions of dollars over the years. The online promotions push expensive trading programs that are supposed to tell investors when to buy and sell commodity futures and options contracts.

In four of the five cases, the people named by the Commodity Futures Trading Commission agreed to refrain from further violations of commodities laws, as well as pay a fine. In the fifth case, an individual was accused of misrepresenting the ability of his system trading Japanese yen futures to turn profits.

On the Net:

To read the government's advisory on fraudulent promotion of trading systems: http://www.cftc.gov/enf/00orders/posting4-tradingsystem.htm

 

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