CFTC claims hedge funds involved in forex fraud

According to the CFTC, Century Maxim Fund and AJR Capital were set up by Alexsander Efrosman shortly after his 2002 release from prison, where he was serving a sentence for a previous fraud. Efrosman had fled the USA in 2000 after being charged with fraud, but was extradited from France.

The CFTC's injunction claims Efrosman attracted $5.2 million worth of investment to the two funds, then supplied customers with fake account statements showing non-existent forex trades and profits. Meanwhile, the CFTC says, he misappropriated his customers' funds. In addition, neither fund was CFTC registered, making it illegal for either to trade in any case.

The commission is calling for the funds to be frozen and used to compensate the fraud's victims. Efrosman, meanwhile, has vanished again; he was last seen leaving Key West, Florida, for a Caribbean cruise on June 2, 2005.

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