California Resident Peter Son is on the CFTC Forex Chopping Block

Chris Lee

Danville, California, is a posh neighborhood, featuring many private-gated communities dotted with multi-million dollar homes. When one drives through one of these affluent developments, the thought of ill-gotten gains is difficult to ignore, especially since many high profile cases have centered on a few of its citizens. Peter Son is one of these criminal sideshows, responsible for bilking 500 investors out of $85 million to trade foreign exchange.

Following the standard Ponzi scheme playbook to the letter, Son solicited investor deposits by claiming he had an extremely profitable forex trading operation and would guarantee enormous monthly returns as proof of his success. In actuality, very little trading was ever consummated, but profits would pile up monthly on fraudulently prepared client account statements.

Son and his companies, SNC Asset Management, Inc. and SNC Investments, Inc., misappropriated customer deposits to pay purported profits and principal to clients, to pay money to Son’s wife, and for personal expenses such as mortgage payments, country club dues, and homeowner dues for his $2.6 million Blackhawk community home.

After disappearing for a year during an NFA investigation into lost funds, Son was arrested and pleaded guilty in 2010 to conspiracy to commit wire fraud and conspiracy to commit money laundering. He was sentenced to 180 months in jail, but in October of 2011, the court ordered Son to pay $60 million in restitution, additional civil penalties, and to be permanently barred “from engaging in certain commodity-related activities and from future registration with the CFTC, among other things.”

Investors are counseled once again to beware of fund managers that make outrageous claims, refuse to produce creditable financial information, and lack regulatory approvals or licenses from the appropriate authorities. You are only asking for trouble if you ignore these basics of due diligence when choosing a business partner, especially one that purports to be an expert in foreign currency trading.

We recommend you to choose one of our approved and recommended brokers on this page.

Other spectacular frauds:
Bernard Madoff, one of the biggest forex frauds ever!

Capital Blu Management, millions of investor money spent on strip clubs, luxury cars and a private jet.

Read our extensive article on how to avoid forex frauds.


Chris Lee

Latest news

Forex vs Crypto: What’s Better For Beginner Traders?
The crypto and forex markets are two of the world’s most popular among investors and traders. Read more
Three Great Technical Analysis Tools for Forex Trading
You don’t have to be very technical minded to make use of technical analysis in your forex trading. Read more

Safest Forex Brokers 2024

Broker Info Best In Customer Satisfaction Score
#1 73% of retail CFD accounts lose money. Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#2 Blackbull LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#4 plus500 logo81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5
#5 Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#6 Forex Broker eToro Logo76% of CFD traders lose money Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#7 XM LogoYour capital is at risk Founded: 2009, 2015 and 2017 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#8 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
Number One Broker
CFD and Cryptocurrency Visit broker

    Forex Fraud Certified Brokers

    BlackBull Logo Small
    AvaTrade logo
    plus500 logo
    eToro Logo
    FXTM Logo
    FxPro logo
    XM Logo
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.