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http://www.options-trading-education.com/24180/forex-options-scam/ Forex Options Scam By www.Options-Trading-Education.com A Forex options scam has been uncovered. Forex Magnates reports the alleged perpetrators of a FX Options Scam have been charged in court. Fraudsters running an international racket across the US and Brazil were charged by a Federal Court in New York which imposed a $2.16 million penalty and issued a permanent trading ban against Michael Kardonick, Gary Shapoff, and Atwood & James for forex options fraud and misappropriation. A long-standing case dating back six years has finally been granted justice by the US legal system. With an initial complaint filed in 2009 against the two fraudsters and their companies, Atwood & James Ltd. and Atwood & James SA, the courts handed out penalties and charges against the four in question. The CFTC’s complaint had charged the defendants with fraudulently soliciting retail clients to trade FX options and charged Atwood and Kardonick with misappropriating client funds. It turns out that the guys who were running this Forex options scam were not professional options or Forex traders. One of the men involved did have a personal trading account in which he lost $1.7 million. Nevertheless these guys were able to attract investors who threw money into a Forex options scam. How can you avoid being victimized by this sort of scam? If It Seems Too Good to Be True The old saying is true. If it seems too good to be true it probably is not true. Leap Rate reports on Forex scams and says to beware of FX Ponzi schemes. For quite some time, New Zealand has been widely regarded within the FX industry as a region with very rudimentary regulatory oversight, leading to the presence of a large number of overseas, often Far Eastern, firms have listed in the region. Since the beginning of last year and the establishment of the New Zealand Financial Markets Authority (FMA), however, many of such entities were shown the door and New Zealand is rapidly transforming itself from its standing as a region from which small, often disreputable companies could operate, into a nation whose financial markets regulatory structure aspires to emulating the highly organized nature of neighboring Australia. Today, in order to further this, the FMA has issued a warning to potential investors regarding what it considers to be FX schemes which are operated by overseas firms and promise unrealistic returns, supposedly gained by the use of dubious software. At a time when the global economy is in the doldrums it can be all too easy to fall prey to get rich schemes. Good regulation is helpful but in the end it is that investors and traders do their own homework and their own trading. If they let someone else trade their money these individuals keep the traders on a short leash. Rational Expectations versus Gambling The Wall Street Journal posed the question if currency trading is worth the risk. Michael Bolduc has seen his account wiped out three times since he started trading currencies. Yet he still keeps returning to the high-risk, high-reward foreign-exchange market for more. Many people call it gambling - and he agrees. Many traders enter huge amounts of capital into currency trades in search of huge returns. They should not be surprised when their losses are huge. In options trading if one sticks to purchasing calls or puts the risk is limited by the cost of the options contract. If one chooses to sell options the risk is unlimited. However, if you do your own homework and do your own trading you have only yourself to blame for losses. If you give your money to someone else and do not keep a close eye on them you may fall prey to a Forex options scam. http://youtu.be/fiwWXLfkxgQ