The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against PMC Strategy and its principals, Michael Hudspeth and Timothy Bailey, Mondovisione reports. The defendants have been accused of operating a foreign currency Ponzi scheme that solicited about $669,000 from over 22 individuals since June 2008. The defendants also allegedly misappropriated $129,000 of customer funds for their personal use. The defendants have been charged for concealing their trading losses and on-going fraud through false representations and by sending false profit checks to customers.
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