US Indicts 2 Americans, 1 Dutch National For $30Mln Foreign Exchange Fraud
Two US citizens and a Dutch national have been indicted for conducting a $30 million foreign exchange investment fraud scheme and face up to 65 years in prison, the US Justice Department said in a release on Friday.
"A Federal grand jury in the Southern District of
Florida returned an indictment Thursday charging two US citizens and a Dutch
national with conducting a foreign exchange trading scheme to steal $30 million
from their investor victims," the release said.
The Justice Department said Patrick Gallagher, Michael Dion
and Emade Echadi devised a scheme to solicit investments in their foreign
exchange company, Global forex Management, and as a result stole $30 million
from their victims by intentionally creating losing trades for the investors.
The three are charged with conspiracy to commit securities
fraud, conspiracy to commit wire fraud and conspiracy to commit money
laundering, the release said.
If convicted, the defendants face a maximum penalty of five
years in prison for the conspiracy to commit securities fraud charge and 20
years in prison for each of the other charges, the release added.
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