Currency Fraud Called Epidemic
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BOCA RATON, Fla. — Retirees, recent immigrants and other investors are losing hundreds of millions of dollars as off-exchange currency fraud reaches “epidemic proportions,” the departing chairwoman of the Commodity Futures Trading Commission warned Thursday.
Brooksley Born, in a speech before futures and options industry participants, urged Congress to give her agency authority to regulate the estimated $70-trillion over-the-counter derivatives market.
Currently, foreign currency trades are exempt from most oversight.
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