PAO Group Inc (PAOG)

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INTERNATIONAL BERKSHIRE GROUP HOLDINGS TARGET OF CFTC SUIT
By Stephanie Ayres
23 February 2006
Miami, Florida
The Commodity Futures Trading Commission (CFTC) announced on December 22 the filing of a complaint in Florida federal court against a group of companies associated with Boca Raton-based International Berkshire Group Holdings Inc. for running an alleged forex options fraud scheme.

In addition to International Berkshire Group Holdings, defendants in the case include Berkshire International LLC, Berkshire International Holdings Group LLC, Berkshire International Holdings LLC, International IMS Group Holdings Inc., IMS Holdings LLC, Harrington Financial Services SLU, Richmond Royce Advisory Services SL, Oakmont International LLC, Stratford Advisory Services, Jeffrey Jedlicki, Roxana Sofia Lao Mendez, and Beatriz Peralta Quesada.

The defendants were accused of trying to sell illegal forex option contracts which were not traded on exchanges. According to the CFTC, a federal judge ordered an asset freeze on September 29, 2005 pursuant to an order that was sealed by the court until December 6.

One of the defendants in the case, Jeffrey Jedlicki, was involved in a previous CFTC action, which had accused him of using several entities to defraud over 400 customers of about $6 million, most of which was allegedly transferred to offshore accounts. Investors reportedly only recovered about $95,000.

Richmond Royce Advisory Services SL was named in an investor alert by the Spanish financial regulator Comision Nacional de Valores Mobiliarios in April 2005 for allegedly selling financial products in Spain without being licensed to do so.