BUSINESS BRIEFING / COURTS
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Federal prosecutors say two principals of a foreign-currency trading firm have been arrested on suspicion of operating a Ponzi-like scheme that cost customers $15 million.
Charles G. Martin, 43, of Malibu was arrested Tuesday in the Los Angeles area and John Walsh, 60, was arrested Wednesday in Illinois.
The case is being prosecuted by the U.S. attorney’s office in Chicago. Prosecutors say Martin and Walsh, as principals of One World Capital Group, diverted millions of investor dollars to pay for lavish lifestyles. The firm was in effect shut down by the Commodity Futures Trading Commission in 2007.
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