Spanish police arrested a foreign-exchange (forex) operator whom they've dubbed "mini-Madoff."  He's suspected of running a $300 million Ponzi-type fraud that may have affected at least 100,000 investors in Europe, the U.S. and Latin America.  Unlike his namesake, this "mini-Madoff" offered outsized returns to investors - as much as 10% to 20% monthly for investments in foreign currencies.  But he used the money to buy real estate for himself and colleagues, according to National Police. 

German Cardona Soler, 49, is a Spanish citizen.  He was arrested in the Mediterranean city of Valencia.  Two others were apprehended and 7 persons have been accused of participating in the suspected fraud.  Accounts in 12 banks have been blocked and the titles frozen for more than 20 properties in Spain.  [Bloomberg, 3/24]