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Blogs about basic information in forex trading, forex participants and how to earn big in forex trading.CFTC Charges North Carolina Foreign Currency Firm CapitalStreet Financial LLC and its Principal Sean F. Mescall with Operating a .3 Million Forex Ponzi Scam Defendants allegedly misappropriated approximately 5,000 in customer funds for personal use and to further the scheme;


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CFTC Charges North Carolina Foreign Currency Firm CapitalStreet Financial LLC and its Principal Sean F. Mescall with Operating a .3 Million Forex Ponzi Scam
Defendants allegedly misappropriated approximately 5,000 in customer funds for personal use and to further the scheme; federal court freezes defendants’ assets and protects books and records.

Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today charged CapitalStreet Financial LLC (CSF) and Sean F. Mescall, both of Charlotte, N.C., with operating a Ponzi scheme involving the fraudulent solicitation of at least .3 million from at least 69 customers in connection with foreign currency (forex) trading. Defendants are also charged with misappropriating approximately 5,000 of customer funds.
On September 9, 2009, the same day the complaint was filed, the Honorable Robert J. Conrad, Jr. of the U.S. District Court for the Western District of North Carolina, Charlotte Division, entered an order freezing the defendants’ and relief defendants’ assets, protecting books and records and scheduling a preliminary injunction hearing in the matter on September 16, 2009.