U.S. Postal Inspectors search FTC Capital: source

By IBTimes Staff Reporter | May 20 2009 2:08 PM

U.S. investigators searched the New York offices of FTC Capital Markets Inc investment fund for evidence in a suspected fraud possibly involving hundreds of millions of dollars, a source familiar with the probe said.

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The source, who asked not to be identified because of the ongoing investigation, said officers from the U.S. Postal Inspection Service were looking into whether two FTC Capital executives misled institutional investors.

No further details were immediately available, and no representatives of the firm answered telephone calls for comment.

(Reporting by Grant McCool; Editing by Lisa Von Ahn)

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