Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud civil lawsuit charging defendants PMC Strategy, LLC (PMC) of Monroe, N.C., and its principals, Michael Hudspeth of Statesville, N.C., and Timothy Bailey of Monroe, N.C., with committing fraud in connection with operating a foreign currency (Forex) Ponzi scheme that solicited at least $669,000 from more than 22 individuals since June 2008. The defendants also allegedly misappropriated $129,000 of customer funds for their personal use.
Read the CFTC charges.