Four Federal Suits Allege Currency Scams
Federal regulators filed four lawsuits accusing 19 firms and individuals of cheating an estimated 400 people out of as much as $10million through illegal currency sales.
The Commodity Futures Trading Commission filed two civil lawsuits in federal courts in California, one in Florida and a complaint in Washington, alleging fraud or the promise of unrealistic returns, often in Internet solicitations, said Phyllis J. Cela, the agency’s acting director of enforcement.
Los Angeles-based Rego Gainer Financial Inc., Rego Gainer Inc. and its president, Kwok Lun Lam, were accused of illegal currency sales and making false claims on expected profit. Lam wasn’t available for comment, a company spokesman said.
Irvine-based MAS Financial Services Inc., several affiliates and owners Brian Moore, Christian Weber and Ron Rozilio were accused of cheating an estimated 135 retail customers in the U.S., Australia and New Zealand out of at least $5 million in illegal currency transactions. An attorney for the firm, David Kenna in New York, said he had no comment.
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