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Find fresh, updated content every day including technical and fundamental analysis and forex trading strategy.CFTC Charges Texas A&M Finance Professor Robert Watson, and Texas Attorney Daniel Petroski and their Companies with Fraud in Multi-Million Dollar Forex Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today charged Robert D. Watson (Watson), an executive


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CFTC Charges Texas A&M Finance Professor Robert Watson, and Texas Attorney Daniel Petroski and their Companies with Fraud in Multi-Million Dollar Forex Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today charged Robert D. Watson (Watson), an executive professor in the Department of Finance at Texas A&M University’s Mays Business School, Daniel J. Petroski (Petroski), a Texas lawyer and certified public accountant, both of Houston, Texas, PrivateFX Global One Ltd., SA (Global One), allegedly a Panamanian corporation, and 36 Holdings Ltd. allegedly of the United Kingdom and/or Switzerland with orchestrating a multi-million dollar fraudulent off-exchange foreign currency (forex) scheme.
The CFTC in its civil lawsuit, filed in the U.S. District Court for the Southern District of Texas, alleges that to entice investors to purchase shares in Global One, Defendants touted their supposedly extremely successful historical performance of forex trading. Defendants claimed forex trading returns that ranged from approximately 6 percent to 10 percent quarterly from January 1, 2000 through June 30, 2006, without ever having a losing quarter.
The CFTC’s complaint further alleges that since beginning operations in 2006, approximately 60 investors purchased approximately .5 million of shares in Global One. Defendants have reported returns, purportedly generated almost exclusively through forex trading, to Global One investors of approximately 1.5 percent to 3 percent each month and claimed never to have had a losing month trading forex.