Investor in alleged foreign currency scam sues Bergen County duo
Bergen County Record, March 27, 2012
An Illinois foundation that doles out college scholarships was among the investors in what the FBI claims was a foreign currency scam involving two Bergen County men.
In what appears to be the first investor lawsuit in the unfolding case, the MWF Foundation Inc. â€” a non-profit run by Michael Fehrenbacher â€” invested $655,000 into the alleged fraud.
The suit, filed Monday in federal court in Illinois, sheds new light on who invested in an alleged fraud involving foreign currency trading as well as others associated with the case.
Samuel Neschis, Fehrenbacher’s attorney, said the foundation also donates to food pantries. “They’re unable to make additional grants at this time,” Neschis said.