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CFTC Charges LA Commodity Broker With Fraud
The CFTC has alleged that broker Alfred Gladstone, while working for the LA branch of commodity firm FSG International, misrepresented to clients that their investments were a "sure bet", when in fact he had lost 99% of their money.
According to the complaint, trading losses totaled over $1 million, and commissions paid to Gladstone were $1.2 million. A public hearing has been ordered.
Source: CFTC Weekly Advisory, September 7, 2001
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