A foreign exchange scam involves buying and selling foreign currency and then trying to use it to buy US currency, according to a new study.
Researchers from the University of Chicago’s Booth School of Business examined transactions in the first quarter of 2018, including the transactions of foreign exchange brokers in the U.S. and overseas.
The study is the latest to suggest the US is not immune to foreign exchange frauds.
Foreign exchange scams are often conducted through the use of online platforms, such as Coinbase, which are used to convert currency from one country to another, said University of Illinois professor David Gubler, the study’s lead author.
This is a type of fraud known as a front company, in which a company or individual is paid to conduct the fraud.
The person then uses the stolen funds to purchase a US currency or buy goods or services from another country, according the study.
For example, a front office for a company could create a fake website that advertises an investment opportunity in a US market.
Then, the front office would use the money from the website to purchase real estate, or even to buy a car.
The front office could then sell the car or buy real estate for a profit.
The company could then use the profits to pay for lavish lifestyle expenses, such in Las Vegas, the report said.
“The company can also use the proceeds to pay off creditors or fund new businesses, all while continuing to live in the United States,” Gubell said.
The authors suggest the financial risk to foreign-exchange traders in the economy is higher than it was in previous years.
They also noted that foreign exchange transactions can also be made in a bank, which may provide more protection.
In a previous study, Gubel also analyzed the frauds perpetrated by the Chinese government and other foreign governments in the 2016 election, the year before Donald Trump became president.
At the time, the US economy was in the midst of an economic crisis, with the unemployment rate exceeding 10 percent.
Gubler and his co-author, professor Richard Wieser, analyzed nearly 7 million transactions by 10 foreign exchange brokerages, including two companies that were part of a front group called the China Investment Group.
The companies in the study were all based in China.
In addition to foreign currency fraud, the researchers found that the top 10 financial institutions, including JPMorgan Chase and Bank of America, were among the top 30 financial institutions in terms of foreign currency transactions.
The researchers also found that at least nine foreign exchange agents have been indicted on charges of conducting a multi-million dollar financial fraud scheme that involved more than $300 million in fraudulent transactions.