CFTC swoops on FX fraud

NEWS

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) last week filed its first complaint against an FX trading service, following new regulations for FX trading brought in last December.

The complaint, filed on April 18, against Boca Raton, Florida-based SunState FX and its chief investment officer Ulrich Garbe, claimed the firm illegally offered FX options to the retail public, and fraudulently operated a commodity pool with funds solicited for trading FX futures.

The CFTC said in