Tokyo, Japan: After more than 2 months of constant rebound, the Euro trades stabilized but retained its gains on Friday.
Yesterday the EUR/USD currency pair advanced through 1.3200 from 1.3085. Despite the press conference from ECB’s president Trichet which disappointed the forex market for not committing to speed-up the pace of its bond buying program, the single currency was able to rebound off 1.3059 lows on Thursday.
However the GBP/USD cross has been performed poor, falling behind the purged US Dollars. According to Nirmal Keelery a forex trader involved in forex morning trade, as the foreign exchange market moved into its close GBP/USD was still slightly struggling but stable near 1.5600 from lows of 1.5512.
Bradley D. Eisner from New York who was operating a foreign exchange ponzi scheme was sentenced for five years probation by U.S. District Judge Dora Irizarry in Brooklyn. Eisner who defrauded his customers of $66 million, came forward reported himself about the ponzi scheme run under Razor FX.
According to Federal guidelines such a financial fraud called for a prison term up to 15 years and 8 months. According to Eisner’s lawyer, this is an extraordinary case where the court rewarded the defendant for showing the courage to stop a big financial scam and his willingness to admit being guilty.
Eisner and his partner MacCaull allegedly used the Razor FX investors’ money for their personal expenses and fabricated account statements when they returned millions of dollars to earlier investors with funds from new investors.
Investors should be aware of the various scams going on in foreign exchange market. Before of any get quick rich schemes including managed forex accounts and fraudulent brokers. While they are not entirely scams, do your research properly before you buy any software like Automated Pips or applications that offer easy way of doubling your investments.