7 May 2012

Foreign exchange trader facing SFO charges

6:09 pm on 7 May 2012

The Serious Fraud Office has laid charges against a foreign exchange trader who it says duped 59 people - many of them his friends and family.

The office says Christopher John Collecutt, 57, is charged with theft by a person in special relationship, obtaining by deception and making a false statement.

The charges involve investor losses of $1,478,131.

The SFO says Mr Collecutt operated under the name CFX Trading and had been emailing clients weekly investment reports since late 2008 containing false figures.

It also says his commission was calculated on false profits, and investor funds were used for personal use.