The Securities and Exchange Commission, SEC, indicted Louisiana resident Todd W. Mixon in Baton Rouge for defrauding investors in foreign currency exchange system
(STL.News) The Securities and Exchange Commission (SEC) yesterday announced charges against a Louisiana man for orchestrating a currency swap scheme that defrauded at least 28 investors, most of whom are from the Louisiana area. Baton Rouge, Louisiana.
The SEC alleges that Todd W. Mixon, a Baton Rouge resident with no known experience in the financial industry, raised at least $ 576,000 by falsely telling investors that he had learned how to trade foreign currencies successfully and by promising investors that he would use their funds to negotiate foreign currencies. The SEC complaint further alleges that Mixon provided investors with false brokerage statements to create the illusion that Mixon’s trading was extraordinarily profitable, making consistent monthly profits of up to 160%. In reality, as alleged, Mixon did not use investor funds to exchange foreign currencies as he had promised, but instead spent those funds on personal travel and other expenses and to make payments. Ponzi scheme to investors.
The SEC complaint, filed in federal court in Louisiana, accuses Mixon of violations of the anti-fraud provisions of federal securities laws. The SEC is asking for a permanent injunction, restitution plus pre-judgment interest, and a civil penalty.
The SEC investigation was conducted by Alexander Charap and Kathleen Strandell at the Miami regional office and overseen by Jessica M. Weissman and Glenn S. Gordon. The SEC litigation is led by Andrew Schiff.
Marty Smith is editor and founder of STL.News, DirectSourceNews.org and St. Louis Restaurant Review. As Editor-in-Chief, Smith is responsible for the content posted to the network with the assistance of the publishing team, located around the world. Additionally, Smith is responsible for building a network of aggregation sites to handle content involving thousands of sources.