CFTC goes after ex-convict over proprietary Forex trading fraud

“In oral and written communications with prospective traders, Salerno made numerous fraudulent misrepresentations and omissions” reports The CFTC estimates that Salerno hired no less than at least 150 prospective traders to work at the Black Diamond Entities.Thus, for instance, he claimed that he would match the prospective trader risk capital deposit with a multiple of (usually 10 times) the prospective trader’s risk capital deposit and place the combined funds in a live proprietary forex trading account set up for the prospective trader.

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