On September 25, 2017, the Honorable Deborah A. Batts of the Southern District of New York sentenced Fadi Ewiess to three years in prison after pleading guilty to wire fraud in connection with his role in a scheme to defraud investors through Golden Bridge FX, a purported foreign exchange (“forex”) trading platform through which customers could place bets on the direction that currencies would move as against other currencies.  Through Golden Bridge, Ewiess and others raised $5 million from investors in Saudi Arabia and other countries by promising high rates of return and telling them trading was guaranteed by U.S. banks against any losses, then spent that money primarily on gambling, transfers to family members, and other personal expenses like travel and hotels.  U.S. v. Ewiess, 1:16-cr-00697 (S.D.N.Y.).

DOJ Press Release