The FBI recently unearthed one of the largest currency schemes to date, charging a Chicago man with defrauding would-be currency traders of $50 million. It seems the culprit had lured (predominantly foreign) investors into currency trading by offering them ‘guaranteed returns’ in the largest market in the world. Unfortunately for the investors, he would simply send the money through a series of accounts before depositing it in his own.

This most recent and egregious scam has highlighted the growing prevalence of fraud in currency markets, due simply to lack of oversight. The Commodity Futures Trading Commission is technically charged with regulating the market, but has had its powers repeatedly curtailed by courts, who have argued the commission has no legal authority to police forex markets. However, Congress is planning to enhance regulation through the enactment of legislation, probably in the fall, which forex traders should take comfort in.

Read More: Loophole allows currency schemes to flourish