Richard Matthews Jr

Richard Matthews Jr

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. [cite news
last =Karmin | first =Craig
title =How a Money Trader went Bad; Bets on Currency Prices Become 'Fraud du Jour' Amid Regulatory Holes
work =The Wall Street Journal
page =B1
publisher =Dow Jones and Company
date =January 12, 2008
url =http://online.wsj.com/article_print/SB120010072930285383.html
accessdate =2008-01-12] 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 CapitalFund claimed an eight-year cumulative performance record of 591% whilesimultaneously guaranteeing that 75% of its customers’ investments are protected from loss each month. Matthews later admitted that these claims were fictitious.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.] 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.

ee also

* Forex scam

ource

Craig Karmin, "How a Money Trader Went Bad", Wall Street Journal, 2008-01-12 Page B1

References


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