Details of the fraudulent scheme The CFTC alleges that W Trade Group and Ramos have misappropriated over $19 million from 220 customers. To maintain the scheme, W Trade Group and Ramos sent customers false account statements showing them purported profits and trading activity, when in fact there was none. The other defendant, Carvajales, conjunction with…
Read more
Details of the fraud The US regulator alleges that defendants misappropriated funds from the pool participants and used them to pay personal expenses and to trade commodity futures and options in personal trading accounts. The trading was unprofitable and resulted the pool participants ended up losing money. However, the defendants falsely informed them their investments…
Read more
CFTC alleges that the ROFX website claimed to trade forex using a highly successful automated trading robot with guaranteed coverage of losses. More than 1,100 customers opened trading accounts through the website and deposited their money in the name of one or more of the companies, all controlled by the individual defendants. All of the…
Read more
Background According to the regulator’s complaint, from 2012 to 2018, WorldWideMarkets, along with TAB Networks who performed all of its business activities, participated in forex transactions with 14,000 retail customers. During this period, the companies operated out of New Jersey. However, the CFTC discovered that Plaut organized WorldWideMarkets in the British Virgin Islands in order…
Read more
These NatWest traders placed “spoofing” orders, planning to cancel them before execution, deceiving other market participants. These orders are meant to artificially push the price up or down, leading to a profit for the traders. US Deputy Attorney General Lisa O. Monaco stated: As we have previously warned, there will be serious consequences for a…
Read more
Milton also failed to disclose important details about the refueling time of its prototype vehicles, the status of its headquarters’ hydrogen station, the expected cost and sources of electricity for its hydrogen production, and the economic risks that may arise from its proposed partnership with a leading auto manufacturer. Gurbir S. Grewal, Director of the…
Read more
Since the beginning of the year, the French watchdog has added 25 websites to its list of unauthorised entities. This renumber represents a significant fall compared to the 78 websites the regulator warned against in 2020. AMF’s black list was created in 2017 and since then 361 unauthorised internet addresses were added with illegal offerings…
Read more
The court also found that Capson made misrepresentations about Denari’s activities to the National Futures Association (NFA). The court ordered Capson and Sarkar to payf $250,000 and $166,000, respectively, as penalty. Additionally they and Denari are required to pay restitution of $3,663,282 to victims of their scheme. The court also imposed a permanent injunction prohibiting…
Read more
The regulators noted that Rege and SwapStar used part of the money to trade commodity interests through accounts they owned. Some of the client funds were used to pay bogus gains to some clients, to return original investments amounts to others and to pay for some of Rage's personal expenses. Additionally, Rage failed to disclose…
Read more
The SEC highlighted that this stems from Credit Suisse's deficient internal accounting controls. The failed to properly address significant and known risks concerning bribery. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement said: When it comes to cross-border securities law violations, the SEC will continue to work collaboratively with overseas law enforcement and…
Read more