Forex firm fined record $100m for fraud

The final court opinion results from an action brought by the commission in July 2002 against the firm, its former president and chief executive John Robinson and IFS board member Chan Kow Lai.

The total penalties are the largest recorded for the CFTC since it became responsible for the activities of FX futures trading firms under the December 2000 Commodity Futures Modernization Act.

The ruling found that the firm had deliberately set out to lose its clients' money while making commissions

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