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  • U.S. charges 47 in Forex probe (Update on old "Wooden Nickel" scam)

    01/31/2006 10:15:43 AM PST · by sully777 · 13 replies · 564+ views
    CNN/Money/Reuters ^ | November 19, 2003
    NEW YORK (CNN/Money) - Authorities announced charges Wednesday against 47 people, including traders from some of Wall Street's best-known firms, in a foreign currency trading scandal that officials say defrauded investors of millions of dollars...[snip] Meanwhile, the Securities and Exchange Commission also filed separate charges of fraud in federal court against Wall Street currency trader United Currency Group Inc. and its CEO, Adam Swickle, Wednesday...[snip] The defendants, he said, were part of the multimillion-dollar scheme that spanned all levels of the currency-trading market, from top traders down to "boiler-room operations," where financial professionals make phone calls to solicit individual investors......