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Charges Filed Against Redondo Beach Man

May 15, 2003|E. Scott Reckard

The Commodity Futures Trading Commission has filed fraud charges against Oscar Goldman of Redondo Beach, who allegedly misrepresented himself as an expert and lured 98 people into opening trading accounts that he managed.

In a lawsuit filed Friday in federal court in Los Angeles, the CFTC said Goldman attracted investors by offering trading courses through his Trader Tech Inc.

"Goldman touted enormous profit potential while concealing the facts that he was not a successful commodities trader and that investors using defendant's trading program generally lost money," the CFTC suit alleged.

The CFTC is seeking an injunction to shut down the alleged fraud, as well as an accounting for losses, repayments to customers, disgorgement of ill-gotten gains and fines. The agency said the California Department of Corporations has issued an order shutting down Goldman's companies.

Goldman couldn't be reached for comment.

-- E. Scott Reckard

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