Before you start trading FOREX make sure you know exactly what market you are in. Very likely the best definition of FOREX can be found at the INVESTOPEDIA website (quality information source for investors): "The foreign exchange (also known as "FOREX" or "FX") market is the place where currencies are traded. The overall forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world." To add another view, here is how authors of the well known INVESTORWORDS lexicon define FOREX: "An over-the-counter market where buyers and sellers conduct foreign exchange transactions, also called foreign exchange market.

a bait and switch case," Tepper's claim against AmTrust contended. A FINRA arbitration panel awarded Froess full restitution of his losses, plus $7,000 in what would have been accrued interest had his investment performed as promised.

AmTrust did not return a call seeking comment.

Although it is hard to estimate how often banks try to game elderly consumers, or which banks incentivize their tellers to steer clients to investment advisers, the end result is alarming.

"Anytime somebody tells you to go see a financial adviser, you ought to ask yourself what interest they have in making that suggestion," Tepper said. "Banks should have signs to make it clear that the financial brokers they refer people to are not bank employees, because of the possibility of confusion. The banks are taking advantage of confusion."

Tags: AmTrust, AmTrust Financial Services, bank scams, bank screwups, money management, Senior Citizens, senior scams, wachovia bank
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Forex fraud is a growing problem. It can be found everywhere from boiler room scam artist's, to some guy you met at the coffee shop the other day, even past trusted brokers and executives have been involved in forex scams. The most common victims are the one's who think it will never happen to them. Though there is no guaranteed way to avoid forex fraud, it is possible to trade, minimize the chance of becoming a victim of a forex scam, and prosper in the market providing you remain diligent and alert in every decision you make. Don't let your hard earned dollars become an easy profit for some forex scam artist, make sure any person you choose to do business with is duly regulated in the country they operate from..