In April of the previous year, the US regulator filed a lawsuit against Kay, and her companies AK Equity Group and Xapphire. The CFTC accused them of unlawfully enticing approximately 67 investors to contribute at least $15.7 million to partake in a commodity pool, ostensibly for forex trading. The US watchdog added that the defendants…
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The Commission found that that with her actions, McDowell acted as a CTA but she was not registered as required by the Commodity Exchange Act (CEA). Additionally, McDowell also made material misrepresentations about her services and omitted significant facts about her use of client funds and the profits purportedly earned by her clients. The regulator…
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As per the regulator's statement, Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) allegedly used Bitcoin (BTC) payment to lure investors into the commodity pool, as per the regulator's statement. Despite this, MTI, which was founded and headed by Steynberg, has failed to register itself as a commodity pool operator (CPO) and comply…
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She said: As scammers become increasingly sophisticated in their tactics, it is clear a coordinated response across government, law enforcement, and the private sector is essential to combat scams more effectively. The number of scam reports received by Scamwatch reduced by 16.5% last year to 239,237, while the financial losses increased by 76% to over…
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Joseph Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit, said: As our complaint states, the defendants used social media to amass a large following of novice investors and then took advantage of their followers by repeatedly feeding them a steady diet of misinformation, which resulted in fraudulent profits of approximately $100 million. Today’s…
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The Scam The Aussie authorities found that the fraudsters employed sophisticated tactics in their operation. They used sophisticated social engineering methods to get in contact with the victims, including targeting them through dating sites, employment sites and messaging platforms before approaching them with the fraudulent investment opportunities. The victims who fell for the scam were…
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The SFC noted that Kwong Shing admitted that from 2 August 2013 to 16 December 2013 he used two of his client’s securities accounts and made eight stocks transactions without approval. The regulator pointed out that these transactions resulted in trading profit of $172,890 to one of the accounts and in $48,321 loss to the…
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Instead of investing the funds he received from the pool participants, Caniff used the money to pay himself $1.2 million and Bos $1.1 million. Caniff sent false treading results to Bos who reported false profits and exaggerated pool values to the investors. The statement said: The order finds that Bos committed fraud by ignoring numerous…
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The CFTC alleges that Kang and ForexnPower conducted fraudulent solicitation through misrepresentations in Korean language newspapers. More than $1.5 million from customers were convinced trade off-exchange forex and over $800,000 of customer funds were misappropriated. Kang solicited pool participants and retail forex customers at a ForexnPower seminar, claiming that the company’s trading signals program would…
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ASIC noted that in some cases, the money Ali received from investors had come from investors’ self-managed superannuation accounts. In 2018, in the midst of ongoing civil proceedings against him and an ongoing investigation, Ali left Australia. He was arrested in Poland in November 2021 after a warrant for his arrest was issued. Poland granted…
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