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Judge orders New York trader to pay nearly $11 million for foreign-exchange Ponzi scheme

( February 8, 2016, 20:47 GMT | Official Statement) -- MLex Summary: The US Commodity Futures Trading Commission on Monday said a federal judge ordered 4X Solutions and its principal Whileon Chay, both of New York City, to pay an $8.24 million penalty and disgorge $2.75 million for operating a foreign currency trading Ponzi scheme. In an April 2015 judgment order, the court found that 4X and Chay fraudulently solicited $4.8 million from at least 19 investors by falsely enticing prospective pool participants with the prospect of earning returns of 24 percent to 36 percent per year.Statement follows in full. Also see documents below....

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