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General discussion

47 arrested in Wall Strret fraud

Nov 19, 2003 3:50AM PST
Nov. 19 ? NEW YORK (Reuters) - The U.S. Justice Department said on Wednesday it charged 47 people with fraud and other criminal offenses in the foreign exchange market, after making a slew of arrests during raids the previous evening at the World Financial Center in Manhattan.

Defendants include employees of JP Morgan Chase, Societe Generale, UBS Warburg Dillon Read, Dresdner Kleinwort Benson and Israel Discount Bank and a former member of the Federal Reserve Bank's Foreign Exchange Committee, three practicing attorneys and numerous officers of various publicly traded companies, the Justice Department statement said.


http://abcnews.go.com/wire/Business/reuters20031119_305.html

Angeline
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Discussion is locked

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education and all the advantages of a good job evidently
Nov 19, 2003 7:45AM PST

are not deterents to crime.

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Re:47 arrested in Wall Strret fraud -- a bit more detail
Nov 19, 2003 8:44AM PST
47 charged with fraud in currency exchange and FBI Created Hedge Fund in Sting.
Seems like a two-prong fraud -- the big money was by cheating banks etc., but also "Regulators charge that another operation at the address was a "boiler room" that employed 20 to 50 brokers who used hard sell, cold-call tactics to get individuals to invest in bogus or nonexistent currency trading strategies. A foreign exchange trading firm was also based there."
-- Dave K.
Speakeasy Moderator
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