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Feds make Houston wire fraud arrest

Although the stock market is much more well known, forex (short for "foreign exchange") is a global market where the world's currencies are traded. Media reports say its average daily trading volume exceeds $5 trillion (more than 10 times as much as the average daily volume on the New York Stock Exchange).

We read that law enforcement agents recently arrested a 36-year-old man on federal wire fraud charges involving forex trading.

The man was arrested here in Houston and then transported to his home state of South Dakota. It's there that federal authorities say he ran an investment scheme that netted him $75,000 but caused his forex client to lose more than $500,000.

The suspect allegedly agreed in 2012 to manage a doctor's foreign currency exchange accounts.

"As part of the scheme and artifice, (the defendant) began providing false information to (the doctor) about the balances in" the doctor's forex accounts, the indictment states. He's suspected of providing the doctor with falsified account statements that showed that the doctor's balance was increasing dramatically, when in fact, law enforcement officials contend, the doctor was actually losing substantial amounts of money.

The doctor apparently put slightly more than $800,000 into his forex accounts. He eventually lost $433,877 on the currency trading, officials said. A news report stated that he also paid the defendant $75,000 for managing the accounts.

Those facing serious allegations such as wire fraud, securities fraud, tax crimes and others should speak with a Houston attorney experienced in white collar defense.

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