FX scam banks conducting internal investigations

REGULATORY UPDATE

New York -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered in mid-November as part of the Federal Bureau of Investigation’s (FBI) swoop on forex fraud.

The 17 individuals implicated were among 47 arrests -- the remainder in retail FX -- made by the FBI, following an 18-month undercover investigation. Traders at JP Morgan C

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