Arizona Currency Schemes Lawyer
There is a speculative nature to currency trading because it is high-risk and fast-paced. In a way, it can give an investor quite the rush because the currency market is changing practically every second. It is a market that operates 24 hours per day and it is quite volatile. It also leaves room for fraud because the Foreign Exchange (Forex) Market is lax in the area of regulation.
Overall, this is a form of trading that can produce big winners and there can be big losers. Advisors, brokers, and other professionals tend to be accused of fraud and other crimes in this arena as well. If you find that you are under investigation for a currency scheme, you need to make sure you contact Myles A. Schneider immediately so that work on defending you in the matter can begin as soon as possible.
It seems that most currency schemes involving Forex have come out of the retail Forex sector. The players involved are independent brokers that are not a part of any major financial institution. Any time a person is dealing with retail Forex, the broker’s structure should be highly transparent or the broker can be easily accused of some kind of wrongdoing when no wrongdoing was ever committed. Some clients can simply take large gambles and this can result in them suffering major losses. If it even appears that the broker engaged in questionable activities, they can be charged with some kind of currency scheme.
While the National Futures Association and the United States Commodity Futures Trading Commission oversee Forex trading, there are no cross-border agencies. Each country has its own agency. Because Forex trading involves foreign currency, there is a gray area that is not regulated at all and this is where a lot of risk hides. In a way, it makes this incredible form of trading seem primitive in that it is left wide open for schemes and for accusations of schemes.
Arizona Federal Criminal Defense
If you are charged with a currency scheme, you will find yourself having to face a judge in one of the federal courthouses in the state. But whether you are standing in a Phoenix or Yuma federal courthouse, you do not have to face the charges alone. Myles A. Schneider is highly knowledgeable in the area of Forex and the various currency schemes that exist. He is also knowledgeable on how to help you not have to serve any prison time at all or very little. The goal is to achieve the proper outcome with the maximum penalties being out of the question.
Crypto Currency Fraud
Cryptocurrencies such as bitcoin, ethereum, cardano and hundreds more are hot commodities in online trading, and it’s possible for a lucky investor to make a big profit. But the prospect of quick riches can blind some people to the risks and enable crooks to lure them into scams.
This virtual money isn’t backed by any government or central bank. Even so, you can use crypto to buy goods and services, exchange it for U.S. dollars and other conventional currencies on digital markets, and even obtain it at specialized ATMs.
But unlike government-backed money, the value of virtual currencies is driven entirely by supply and demand. That can create wild swings that produce big gains for investors, or big losses. And crypto investments are subject to far less regulatory protection than traditional financial products like stocks, bonds and mutual funds.
Cryptocurrency fraud has taken a quantum leap in the past few years. The Federal Trade Commission (FTC), which recently warned consumers that “crypto investing comes with lots of risks, including scams,” says that from the start of 2021 through June 2022, more than 46,000 people reported losing a total of more than $1 billion in crypto to scams.
The U.S. Attorney is vigorously prosecuting those who engage in crypto currency investment fraud pursuant to prosecutors may charge an alleged offender under The Securities and Exchange Act of 1934 (codified as 15 U.S.C. §§78j(b), 78ff), or under Title 18 of the U.S. Code, chapter 63 fraud statutes (18 U.S.C. §1348) Wire Fraud and Money Laundering.
15 U.S. Code § 77q – Fraudulent interstate transactions
(a)Use of interstate commerce for purpose of fraud or deceit
It shall be unlawful for any person in the offer or sale of any securities (including security-based swaps) or any security-based swap agreement (as defined in section 78c(a)(78)  of this title) by the use of any means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly—
(1)to employ any device, scheme, or artifice to defraud, or
(2)to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or
(3)to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser.
(b)Use of interstate commerce for purpose of offering for sale
It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof.
(c)Exemptions of section 77c not applicable to this section
The exemptions provided in section 77c of this title shall not apply to the provisions of this section.
(d)Authority with respect to security-based swap agreements
The authority of the Commission under this section with respect to security-based swap agreements (as defined in section 78c(a)(78) of this title) shall be subject to the restrictions and limitations of section 77b–1(b) of this title.
Contact A Phoenix Currency Schemes Attorney
Being accused of a currency scheme ranks up there with other types of financial fraud. This could mean high fines and a lengthy prison sentence, depending upon how many individuals were affected and the amount of money involved. Accusations also happen due to misunderstandings, which is important to prove if that is the case. Either way, you deserve the best defense possible, so call us at 602-926-7373 to schedule a free consultation.