SEC Claims Australia Man Ran $53 Million Forex Trading Fraud

U.S. regulators accused an Australia man of raising at least $53 million from investors with false claims that he ran a group of elite foreign-exchange traders who could generate 78 percent annual returns.

Senen Pousa and his Brisbane, Australia-based firm, Investment Intelligence Corp., promised investors “unlimited” passive income from his strategy of making only a few select trades each month with no more than 3 percent of an investors’ capital at risk in any given trade, the Securities and Exchange Commission said in a lawsuit filed today at federal court in Austin, Texas. The Commodity Futures Trading Commission filed a parallel lawsuit today.