# FRAUD CHARGES BROUGHT AGAINST FLORIDA FOREIGN CURRENCY FIRMS AND EMPLOYEES; CFTC Alleges that Sterling Trading Group, Inc., Universal FX, Inc., and Employees Joseph Arsenault and Andrew Stern Defrauded Customers and Defendant Graystone Browne Financial, Inc. Charged with Offering Illegal Option Contracts

> CFTC release 4946-04 · 2004-06-29 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 4946-04
- **Release date:** 2004-06-29
- **Type:** Fraud
- **Title:** FRAUD CHARGES BROUGHT AGAINST FLORIDA FOREIGN CURRENCY FIRMS AND EMPLOYEES; CFTC Alleges that Sterling Trading Group, Inc., Universal FX, Inc., and Employees Joseph Arsenault and Andrew Stern Defrauded Customers and Defendant Graystone Browne Financial, Inc. Charged with Offering Illegal Option Contracts
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/4946-04

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 4946-04, "FRAUD CHARGES BROUGHT AGAINST FLORIDA FOREIGN CURRENCY FIRMS AND EMPLOYEES; CFTC Alleges that Sterling Trading Group, Inc., Universal FX, Inc., and Employees Joseph Arsenault and Andrew Stern Defrauded Customers and Defendant Graystone Browne Financial, Inc. Charged with Offering Illegal Option Contracts", 2004-06-29. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/cftc-action/4946-04.

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