Texas court fines PIC $123 million

- By FX Markets Staff
- @FXMarkets_
- 12 Feb 2007

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The court order stems from a co-operative enforcement effort conducted by the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and the Department of Justice.

PIC, its affiliates and its principals – Gerald Rogers and Alexander Shevchenko – were sued by the CFTC on March 2, 2005. The commission alleged that the firms were involved in the fraudulent sale and solicitation of illegal FX covered call options, and in the misappropriation of customer funds.

The

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