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Forex Fraudster Must Pay $2.7 Million

DALLAS (CN) - The Commodity Futures Trading Commission obtained a federal court order requiring a Texas man to pay $2.69 million in restitution and civil penalties for defrauding customers in a foreign currency Ponzi scheme.

Larry Benny Groover, of Gunter, Texas, took in $1.4 million while running his game from June 2008 to February 2010, the CFTC said in a statement.

He commingled his customers' money with his own, put $647,500 of his suckers' money into forex trades and lost $600,000 of it, and spent the rest of Ponzi payments and on himself, according to the commission.

He also slipped some to his wife, Joanne Groover, who was ordered to disgorge $44,890, the CFTC said.

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