CFTC orders ForexnPower operator to pay over $800K for commodity pool fraud LeapRate

September 09, 2022 BY Steffy Bogdanova

CFTC orders ForexnPower operator to pay over $800K for commodity pool fraud

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…

August 19, 2022 BY Steffy Bogdanova

Former DanFX Trade director arrested following ASIC investigation

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…

July 20, 2022 BY Steffy Bogdanova

ASIC investigation leads to 50 counts of fraud charges for investment scammer Chris Marco

ASIC took civil action against investment scam in 2020 and closed down the unregistered managed investment scheme operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. ASIC’s probe and action lead to the criminal charges against Marco who now faces a maximum penalty for each offence of seven years imprisonment, or…

July 18, 2022 BY Steffy Bogdanova

US court imposes a $29 million penalty in a forex and binary options pool fraud case

The CFTC further revealed that the operators of the scheme even failed to register as commodity pool operators (CPOs) and associated persons (APs) of CPOs, which is mandatory for operators of such business. The court found that the defendants are liable for solicitation fraud, multiple CFTC registration violations, and failure to comply with CPO rules.…

July 08, 2022 BY Steffy Bogdanova

Commodity pool fraud operator to pay $13 million in a CFTC case

Additionally, Seibert told the investors that he would find the lending opportunities, conduct due diligence to confirm that the borrower was qualified, and handle the closing and servicing of the loan. Instead using the funds for loans, Seibert pooled and used most of the money to trade commodity interests in his personal trading account and…

May 26, 2022 BY Steffy Bogdanova

SEC brings charges against EIA All Weather Alpha Fund I Partners in a $39 million fraud case

SEC also stated that EIA and Middlebrooks misused new investor money in a Ponzi-like manner. They made payments to other investors in the fund in order to continue the deception that the fund was profitable. The US watchdog alleges that Middlebrooks also misappropriated investor funds for personal use, including for jewelry and credit card payments.…

May 20, 2022 BY Steffy Bogdanova

CFTC files charges in a $44 million crypto fraud scheme

The charges the regulator brought against the defendants were for soliciting the funds for investing in digital assets and other instruments. The defendants were also charged with operating an illegal commodity pool. The scheme According to the CFTC’s complained the defendants used a website, YouTube videos, and other means to solicit the money. However, the…

May 16, 2022 BY Steffy Bogdanova

CFTC makes charges against EminiFX and owner in a $59 million forex fraud scheme

Additionally, the defendants misappropriated substantial amounts of the remaining customer funds by sending it to accounts in Alexandre’s name. He used the money to pay other customers in a Ponzi-like scheme, and for his personal expenses. He used client money to make payments to BMW, Mercedes Benz, and Saks Fifth Avenue. He also paid with…

May 13, 2022 BY Steffy Bogdanova

Coin Signals’s Jeremy Spence sentenced to prison

Spence managed to solicit over $5 million through false representations. He claimed that his crypto trading had been extremely profitable when, in fact, it had been consistently unprofitable. As a result of his claims, investors transferred additional funds to him. In over one month, He recorded net losses in the accounts in which he traded…

April 04, 2022 BY Steffy Bogdanova

ASIC bans a former adviser from providing financial services for 10 years

The regulator said: ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries. Babbage was an authorised representative of Wealthsure Pty Ltd from February 2013 to March 2014 and of Capstone Financial Planning Pty Ltd from March 2014 to 14 October 2021. He was also…

Tag: fraud

CFTC orders ForexnPower operator to pay over $800K for commodity pool fraud

Former DanFX Trade director arrested following ASIC investigation

ASIC investigation leads to 50 counts of fraud charges for investment scammer Chris Marco

US court imposes a $29 million penalty in a forex and binary options pool fraud case

Commodity pool fraud operator to pay $13 million in a CFTC case

SEC brings charges against EIA All Weather Alpha Fund I Partners in a $39 million fraud case

CFTC files charges in a $44 million crypto fraud scheme

CFTC makes charges against EminiFX and owner in a $59 million forex fraud scheme

Coin Signals’s Jeremy Spence sentenced to prison

ASIC bans a former adviser from providing financial services for 10 years

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