According to Reuters two executives from FTC Capital Markets Inc, including it's chairman are charged with with conspiracy, securities fraud and wire fraud.
The story, broken by Grant McCool, reads that U.S. investigators criminally charged two executives of FTC Capital Markets Inc in a suspected investment fraud possibly involving hundreds of millions of dollars, according to a court document released on Wednesday.
"FTC Capital Chairman Guillermo Clamens and Nazly Cucunuba Lopez, also known as Lina Lopez, were charged with conspiracy, securities fraud and wire fraud.
"Lopez was arrested in Miami on Tuesday and the New York offices of the firm were searched on Tuesday by investigators of the U.S. Postal Inspection Service, sources familiar with the probe said.
"The sources, who asked not to be identified because of the ongoing investigation, said U.S. prosecutors and the U.S. Postal Inspection Service were looking into whether the two misled companies over purported investments."
The business community in USA has been recently struck by number of top executive scandals and financial frauds. FTC Capital Markets' case is the latest in the row that started from Bernie Madoff, then AIG's controversial compensation scheme and now FTC Capital Markets Inc. Updates will follow as we observe the developments.
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