CFTC | Enforcement Actions: Federal Court Enters Order Settling CFTC $85 Million Forex Fraud Action against California Resident Peter Son and his Companies SNC Asset Management, Inc. and SNC Investments, In
RELEASE: pr6245-12 April 26, 2012 Federal Court Enters Order Settling CFTC $85 Million Forex Fraud Action against California Resident Peter Son and his Companies SNC Asset Management, Inc. and SNC Investments, Inc. Defendants ordered to pay $5 million civil monetary penalty Son pleaded guilty to federal charges in related criminal action and was sentenced to 180 months in prison and ordered to pay over $60 million in restitution Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court supplemental consent order requiring defendants Peter Son (Son) of Danville, Calif., and his companies, SNC Asset Management, Inc. , and SNC Investments, Inc. , to pay a $5 million civil monetary penalty. The court also ordered Son’s wife, relief defendant Ann Lee (Lee), to disgorge $300,000 of ill-gotten gains. T