Investing 101 – An Introduction to FX Fraud
The CFTC charged Robert Watson, a Finance Professor at Texas A&M University’s Mays Business School with orchestrating a multi-million dollar fraudulent off-exchange foreign currency scheme. The Complaint (click here) alleges that Watson generated fictitious account statements, lied about performance, and, not surprisingly, lost lots of money.
Intrigued by Professor Watson’s extracurricular activities, Rocky visited the Texas A&M Website, but discovered all mention of Professor Watson had been purged. (So much for the presumption of innocence … and the value of tenure.)
Professor Watson’s Google cache page remains.
Woody Allen (perhaps unfairly) said, “Those who can’t do, teach.” In this case, that may be especially troubling. It sure would be interesting to see Professor Watson’s final exam questions!
[Update: Texas A&M just posted the following on their website: “Watson was misidentified as an executive professor of finance at Texas A&M University’s Mays Business School. Watson resigned from his position effective April 30, 2009 citing family reasons.” This may explain his absence on the Texas A&M website, but the revelation is not reassuring as he was evidently an adjunct professor hired to teach based on “real-world” experience.]