Forex Scam

Liberty Reserve founder among seven charged over US$6b laundering scam

Preet Bharara, United States Attorney for the Southern District of New York, describes charges against Costa Rica-based Liberty Reserve, one of the worlds largest digital currency companies. Photo: Reuters

The founder of an online currency transfer business was indicted in the United States along with six other people in a US$6 billion money-laundering scheme described as "staggering" in its scope, authorities said yesterday.

Wednesday, 29 May, 2013, 2:50am 1 comment

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23 Jul 2012 - 12:00am

Wary investors opt for forex trading

Global currency deals rose 71 per cent last year

A volatile stock market, better consumer protection and new internet trading products have drawn thousands of retail investors back to foreign-exchange trading.

6 Jan 2008 - 12:00am

Feeling bullish about trade

DAVID LEE HAD been awake all night. His working day starts at midnight and ends when the rest of us are only just getting started.

Mr Lee is a senior foreign exchange dealer at Sun Hung Kai Financial. And the world of buying and selling currencies or gold, which revolves around turning a profit from their constantly fluctuating values, is an industry that never sleeps.

22 Jul 2006 - 12:00am

CA Pacific Forex loses licence

The Securities and Futures Commission has revoked CA Pacific Forex's trading licence and reprimanded director Ming Tak-sang for breaches of trading rules between November 1997 to March 1998.

22 Mar 2000 - 12:00am

Alert out on Loco fraud

PRESSURE is building for regulation of London gold trading in the SAR, following scams that have taken $85 million from hundreds of Hong Kong people in the past six months.

Trading on London gold prices from Hong Kong remains unregulated, allowing any company to set up as a trader of London Gold (also known as Loco or Local London Gold) and take orders from local investors.

5 Sep 1999 - 12:00am

Cheerful Forex smiles grow

Cheerful Forex Co, a wholly owned leverage foreign exchange business arm of the financial services group, Cheerful Holdings, says it made a net profit of $13.28 million in the year to December, compared with a loss of $630,000 in 1995.

25 Apr 1997 - 12:00am

Forex trader asks for suspension

POWER Range Co, a member of the Hong Kong Futures Exchange and a licenced foreign exchange trader, has requested permission to partially suspend its operations in a bid to sharpen its business focus.

It is understood that the decision was also related to compliance with the financial resources rule.

10 Jan 1996 - 12:00am

SFC approves licence

CHALLENGE Forex Investment has been approved for a forex licence by the Securities and Futures Commission.

Since the Leveraged Foreign Exchange Trading Ordinance came into effect, 17 businesses and 421 representatives have been approved for forex licences.

16 Jan 1995 - 12:00am

Fears of increase in forex scams

FEARS have been raised that the number of foreign exchange scams will increase as unscrupulous operators move in ahead of the introduction of new laws.

21 Feb 1994 - 12:00am

Concern on forex scams

FEARS have been raised that the number of foreign exchange scams will increase as unscrupulous operators move in ahead of the introduction of new laws.

21 Feb 1994 - 12:00am

A welcome move to shut out the cowboys

HONG Kong's problem-filled foreign exchange market has, more than any other part of the financial system, been guilty of living up to the territory's ''Wild, Wild East'' image.

Unregulated and with alarmingly frequency unethical, the forex market has built a well-deserved reputation as the best place to gamble away investment capital.

5 Oct 1993 - 12:00am

Employees arrested over $55m forex scam

TWO employees of a foreign exchange firm were arrested yesterday on suspicion of involvement with the territory's latest fraud scandal.

22 Jul 1993 - 12:00am

Forex firms scrutinised

THE Securities and Futures Commission will set up a team to oversee problems arising from foreign exchange companies in the coming financial year.

The plan to regulate forex operations was outlined by the Legislative Council's Finance, Taxation and Monetary Affairs Panel yesterday.

17 Feb 1993 - 12:00am