Forex Brokers in trouble

FTSE Beater

Experienced member
1,518 5
Hi All

This taken from www.briefing.com this morning

06:35 ET FBI arrests 48 forex brokers in connection with a possible currency scam : CNN/Money reports that FBI arrested 48 foreign exchange brokers late Tuesday in connection with a lengthy probe into securities and currency fraud. The FBI swarmed on New York City's Two World Financial Center shortly after 3 p.m. ET and took away the traders in handcuffs, people on the scene told CNNfn. The FBI sources said the Wall Street traders will be charged with swindling retail investors of an undisclosed amount of cash over the past year. One source said those arrested would be charged with money laundering and fraud.

I had heard something similar a while ago, where forex brokers would take a retail trade with a wider spread and pocket the difference. I wonder if this is the same thing :?:
 
 
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