Two Principals of Foreign Currency Trading Firm Sentenced for $17 M...
by Evan Bedard at loansafe.org
(Source: FBI) – CHICAGO—Two principals of a foreign currency trading firm that collapsed in 2007 were sentenced to 17 years and 12.5 years in federal prison, respectively, after pleading guilty to fraud charges for operating a Ponzi-type scheme that diverted millions of dollars to themselves to finance lavish lifestyles and that caused more than 1,000 victim investors worldwide to lose nearly $17 million. Charles G. Martin, 46, formerly of Glencoe, Ill., and Malibu, Calif., was sentenced today to 204 months, while John E. Walsh, 63, of Lake Forest, Ill., was sentenced yesterday to 150 months in prison. Both men were arrested and charged in January 2009 and subsequently cooperated with the government and pleaded guilty in May 2011 to wire and commodities fraud and tax evasion counts.