The CFTC found that the fraudulent actions of the defendants began in September 2020. They fraudulently solicited $7.2 million from 322 clients, promising to use the funds to trade forex and cryptocurrency in individual managed accounts. According to the regulator, Tinoco and his company, Kikit & Mess Investments did not trade their clients’ money as…
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According to the court files, Phelps and Castenir formed Maverick, which operated commodity trading pool. In 2013 the company solicited over $1.2 million in funds from investors. The defendants used false materials claiming that Phelps had an extensive history of investing successfully in commodity trading markets. The defendants also falsely assured investors that there would…
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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…
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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…
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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…
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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…
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The SEC further detailed that the five defendants shared portions of their profits by funneling them through a Russian information technology company founded by Kliushin and for which Yermakov and Rumiantcev serve as directors. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said: With this action, the SEC, using its powerful analytical tools,…
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Michele Wein Layne, Regional Director of the SEC’s Los Angeles Regional Office, said: Defendant Ryan Ginster allegedly engaged in a fraudulent scheme raising millions in cryptocurrency using online investment programs and then converted the cryptocurrency for his own benefit. Individuals who hide behind the anonymity of cryptocurrency transactions to defraud investors should expect that the…
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The court found that Fingerhut, Barak and Valariola have fraudulently solicited customers through emails, websites, and video sales letters by promising free access to reportedly successful automated trading systems which traded in binary options involving commodity interests and digital assets. The claims the defendants made misrepresented hypothetical and fictitious trading results as real results, and…
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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…
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