Cantor Fitzgerald Exec Named In Virtual Currency Ponzi Suit

Law360, New York (June 16, 2016, 4:30 PM EDT) -- A Cantor Fitzgerald LP vice chairman was a partner in a company that has been accused by the U.S. Securities and Exchange Commission with running a $19 million virtual currency Ponzi scheme, according to a putative class action suit filed in Connecticut federal court on Wednesday.

The suit from customers of GAW Miners LLC claimed that Cantor Fitzgerald partner and Vice Chairman Stuart Fraser and Joshua Garza were partners in GAW, a corporation that both the suit and the SEC claim ripped off thousands of investors nationwide with frauds involving online virtual currencies, including bitcoin.

“Though cloaked in technological sophistication and...

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