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CFTC sues California gold dealer Monex in fraud scheme

Section: Daily Dispatches

From Reuters
Wednesday, September 6, 2017

WASHINGTON -- The U.S. Commodity Futures Trading Commission said today it filed a civil lawsuit against California-based gold dealer Monex Deposit Co. in what it called the biggest-ever retail precious metals fraud enforcement action brought by the regulator.

The CFTC alleges that Monex, deploying high-pressure sales tactics, deceived thousands of retail customers who lost a total of $290 million in connection with illegal, off-exchange leveraged precious metals transactions. ...

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