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FBI nets 48 forex traders for fraud

New York, Nov. 19 (Reuters): FBI agents yesterday arrested about 48 Wall Street foreign exchange professionals in a sting targeting several top firms thought to have defrauded small retail investors of millions of dollars.

FBI officers swarmed on the World Financial Center late yesterday afternoon and led out men in business suits, taking them away in vans and cars.

Some of them covered their heads with overcoats while others bowed their heads to hide from television cameras and photographers.

Its currency fraud, securities fraud, said one agent at the scene of the arrests.

A Madison Deane and Associates Inc. employee said the FBI arrested seven people at his firm, which offers currency broker services.

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