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On wikipedia, Forex Scam descripted as trading activities with the schema used to defraud forex traders by convincing them to take profit by trading in FX Market

For an example:
A trader who has come under such scrutiny is James. These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits,improperly managed “managed accounts”, false advertising, ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.

In united States have a Commision to watch the future trading, its CFTC = The U.S. Commodity Futures Trading Commission, which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry.

CFTC give 9 indicator signal for forex trading fraud:
1. Stay away from opportunities that seem too good to be true
2. Avoid any company that predicts or guarantees large profits
3. Stay Away From Companies That Promise Little or No Financial Risk
4. Don’t Trade on Margin Unless You Understand What It Means
5. Question Firms That Claim To Trade in the “Interbank Market”
6. Be Wary of Sending or Transferring Cash on the Internet, By Mail or Otherwise
7. Currency Scams Often Target Members of Ethnic Minorities
8. Be Sure You Get the Company’s Performance Track Record
9. Don’t Deal With Anyone Who Won’t Give You Their Background

Some references:
CFTC complaint Forex Advisory Firm and Trade Risk Management Firm Charged With Fraud
Fraud charges against multiple forex Firms Commodity Futures Trading Commission (CFTC) Release: 4946-0

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