Patrick Phipps

Five weeks after being exposed in the September 30, 2002 edition of OffshoreAlert, Washington state based Sterling forex LLC has stopped operating and its clients have incurred substantial losses.The firm sent its clients a letter on November 15 stating that

An ordinary IBC in Nevis that operates as an unlicensed mutual fund has collapsed owing an estimated $50 million to approximately 1,100 shareholders.Approximately $100 million is believed to have gone into The Genesis Fund Ltd. but about half of it was repaid as interest payments, according to a client's representative.

A twice bankrupt businessman who once fell victim to a foreign currency exchange scam is promoting his own Forex scheme and telling participants it is "realistic" to expect monthly returns of four per cent.Maurice Lewis Mills, 37, operates Washington State-based Sterling forex LLC, which claims it has "fulfilled CFTC Compliance requirements to offer forex trading advisory services to U.S. Clients".