The defendants also mislead customers that their earnings would increase based on the amount of their deposits. The clients were also falsely promised a bonus for referring others, in the form of a multi-level marketing scheme. The defendants caused misleading trading statements to be posted online to conceal their fraud. The CFTC stated that the…
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Whistleblower Office Director Christopher Ehrman added: The whistleblower’s tip helped stop fraudulent activity that harmed main street investors. Rewarding that kind of assistance is especially gratifying. So far, the US watchdog has awarded around $120 million to whistleblowers for their help since the first award was issued in 2014. The whistleblower awards are paid from…
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The CFTC claims that the Cartu and Peretz brothers directed individual brokers to solicit US customers with falsely represented financial expertise, compensation structure, physical location and identity. The brokers also mislead their customers that the offered binary option transactions were profitable, when in reality, the majority of customers lost money. Ryan Masten of Austin, Texas…
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The complaints allege that between 2017 and 2020, approximately 1,200 contributed around $28 million the 1st Million Pool. The defendants misappropriated around $7 million of those and used them to buy expensive cars, personal travel and living and business expenses. Kelly L. Gibson, Director of the SEC’s Philadelphia Regional Office said: As alleged in our…
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The new additions to the RED list include: Allegra Markets IDB Traders/Baltic Concert LLP Capital 245 MM Financial Experts Coinexx Omega Crypto Crown Finance Omega Capitals EagleFX Platin CFD Easy Line Pro Richmond FG F1 Trade Top Option 360 FX Dealer Trade GF FXVIP Turnkey Forex Global Capital Options VIP Businesses Grand Tradefx Wellington INV/Bali…
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The CFTC filed charges against Interactive Brokers for failing to supervise its officers’, employees’, and agents’ handling of several commodity trading accounts and not implementing adequate procedures to detect and report suspicious transactions as required under federal anti-money laundering (AML) laws and regulations. Interactive Brokers agreed to be censured, to cease and desist, and to…
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This is the first time the CFTC has charged and exchange with violations of these regulations and disclosure of material non-public information. Director of Enforcement James McDonald commented: Today’s settlement sends a strong message that the CFTC will work tirelessly to protect our market participants against unlawful disclosures of their confidential information to ensure that…
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Whistleblower Office Director Christopher Ehrman added: Whistleblowers like the individual receiving the award today provide a valuable public service. We encourage others to come forward with information regarding possible violations in the markets the CFTC oversees. So far, the US watchdog has awarded around $120 million to whistleblowers for their help since the first award…
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CFTC found that Southwest Group offered customers forex transactions through a “Premium + Layaway Program” financing option. The “program” was financed by Southwest Group while acting as the counterparty to these retail forex transactions. It took 30 or 45 days for the retail customers to receive their forex instead of the usual two. The US…
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CFTC Director of Enforcement James McDonald said: This case underscores, once again, that the Commission will continue working with our regulatory partners to ensure the integrity of our markets, including those involving digital assets. Rooting out misconduct is essential to furthering the responsible development of these innovative financial products. The CFTC found that between December…
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