CFTC clamps down on $1.2m FX scam

- Susanna Robinson
- 02 Feb 2009

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WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) has frozen the assets of FX firm Atwood & James Ltd and Atwood & James SA for fraudulently soliciting more than $1.2 million and misappropriating client funds.

It is alleged that between 2001 and the present, the firm's two owners, Michael Kardonick, Pembrook Pines and Gary Shapoff fraudulently solicited funds to trade FX options.

The CFTC said they made false claims through the web and other means to score business, assuring

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