Richard Matthews Jr
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Richard Matthews, Jr. is a foreign currency trader.
In 2005, Matthews plead guilty to wire fraud for a scheme that netted more than $30 million, which he used to purchase a 12-acre island off the coast of Belize.[1] In July 2000, Matthews founded White Pines Trust Corporation in San Diego, California, and served as its Chairman. Both the WPT web site and in other solicitation materials for the Pinnacle Capital Fund claimed an eight-year cumulative performance record of 591% while simultaneously guaranteeing that 75% of its customers’ investments are protected from loss each month. Matthews later admitted that these claims were fictitious.[2] When the fraud was discovered, the U.S. Commodity Futures Trading Commission (CFTC) sued both WPT and Matthews and sought disgorgement and restitution of $14.8 million.[2]
[edit] See Also
[edit] Source
Craig Karmin, "How a Money Trader Went Bad", Wall Street Journal, 2008-01-12 Page B1
[edit] References
- ^ Karmin, Craig. "How a Money Trader went Bad; Bets on Currency Prices Become 'Fraud du Jour' Amid Regulatory Holes", The Wall Street Journal, Dow Jones and Company, January 12, 2008, p. B1. Retrieved on 2008-01-12.
- ^ a b U.S. District Court for the Southern District of California, http://64.233.169.104/search?q=cache:iKohi8mAIQsJ:www.cftc.gov/stellent/groups/public/%40lrenforcementactions/documents/legalpleading/enfwhitepinedefaultjudgmtorder.pdf+Richard+Matthews+currency&hl=en&ct=clnk&cd=1&gl=us Order Entering Default Judgment (April 20, 2007). Retrieved 2008-01-12.
