US trader ordered to pay back $35m
Lt;TABLE cellSpacing=0 cellPadding=0 border=0gt;lt;TBODYgt;lt;TRgt;lt;TDgt;Friday, 12th January 2007 06.50'm lt;/TDgt;lt;/TRgt;lt;TRgt;lt;TDgt;https://www.forexforum.co.za/attachm...1491241664.pnglt;/TDgt;lt;/TRgt;lt;TRgt;lt;TD background=images/dash_across2.gifgt;https://www.forexforum.co.za/attachm...6456689635.pnglt;/TDgt;lt;/TRgt;lt;TRgt;lt;TDgt;https://www.forexforum.co.za/attachm...7681357448.pnglt;/TDgt;lt;/TRgt;lt;TRgt;lt;TD style=TEXT-ALIGN: justifygt;A former US currency trader convicted of defrauding hundreds of investors has already been ordered to pay over USD33 million in a few of the largest fines against someone sued by the U.S. Commodity Futures Trading Commission.
However, one of the prosecutors in the criminal case against Russell Cline said the order was a symbolic victory, unfortunately.
Cline was sentenced February to eight years in prison for its investment scam that he ran through Orion International Inc., the company he founded in 1998 and directed before late 2002.
Under a plea bargain in the criminal case, Cline confessed he solicited investors via a Web site, brochures and seminars, then falsely represented that their money could be used to exchange in foreign currencies, promising returns of over 60 percent to 200 percent annually.
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