The agents were seeking 40 individuals, including employees at some of the larger firms, the official said. He said the first arrests were at Madison Deane & Associates, a small currency trading firm at 2 World Financial Center. There was no reply to a call to the firm Tuesday night requesting information and comment.
"It's currency fraud, securities fraud," said one agent at the scene of the arrests, according to Reuters. "It's been a long investigation. The arrests have been ongoing today."
The law enforcement official said the investigation involved a scheme that used smaller companies that specialized in foreign currency trading to steal money from the larger firms.
Spokesmen for the FBI and the U.S. attorney's office declined on Tuesday night to comment on the arrests.
Employees of Madison Deane were told that large amounts of money had been stolen from clients, an unidentified Madison Deane employee said, according to Reuters.
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