US Indicts 2 Americans, 1 Dutch National For $30Mln Foreign Exchange Fraud - Justice Dept.

WASHINGTON (UrduPoint News / Sputnik - 10th April, 2021) Two US citizens and a Dutch national have been indicted for conducting a $30 million foreign exchange investment fraud scheme and face up to 65 years in prison, the US Justice Department said in a release on Friday.

"A Federal grand jury in the Southern District of Florida returned an indictment Thursday charging two US citizens and a Dutch national with conducting a foreign exchange trading scheme to steal $30 million from their investor victims," the release said.

The Justice Department said Patrick Gallagher, Michael Dion and Emade Echadi devised a scheme to solicit investments in their foreign exchange company, Global forex Management, and as a result stole $30 million from their victims by intentionally creating losing trades for the investors.

The three are charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering, the release said.

If convicted, the defendants face a maximum penalty of five years in prison for the conspiracy to commit securities fraud charge and 20 years in prison for each of the other charges, the release added.