The defendants failed to disclose that Mayer never opened a live trading account using the forex trading system. Additionally, Mayer did not register as an associated person of a CTA and SSL and SSLS unlawfully permitted Mayer to become or remain associated with them. SSLS and Mayer have been ordered to pay over $3 million…
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The regulator reminded that these scams are seen often and could be a part of a bigger, sophisticated online campaign designed to defraud investors. CySEC gave a few examples of how the fraudsters usually proceed. They claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via…
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Moreover, it has been alleged that the salespeople would inform potential investors that the only time the broker made any money was when the investor made money. This technique was used to gain additional trust for the trading information that the brokers were providing. Once the investors believed that the brokers only made a profit…
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The CFTC now claims that these worst-case scenarios were in fact not based on historical scenarios at all and that LJM’s legitimate internal historical scenarios displayed losses far greater than 40% for each strategy. The complaint goes on to allege that around the tail-end of 2017 through to February 2018, LJM dramatically deviated from its…
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The Singapore watchdog found that Ahmadnawar solicited investments from 32 individuals from 2015 to 2017. He drew up contracts to manage the money from his investors and foreign exchange on their behalf. MAS noted that he carried out these fund management operations without holding a capital markets services licence. During the same period, Ahmadnawar also…
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The suspects were identified by the initials MKY, BK, C.Ö., VS, SE and RE. It was reported that two of them, VS and C.Ö., worked with the others in providing information and technical support to the complainant companies. Because of the intervention in the accounting and information systems the two suspects conducted, it took a…
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The civil monetary fine that Spence will have to pay amounts to $33 million according to the latest CFTC order, with restitution penalties totalling just over $11 million to be paid to Coin Signal customers who fell victim to the fraudulent scheme. The initial complaint stated that Spence eventually conceded to Ponzi victims that he…
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The US watchdog also found that Butler would gather between $500 and $5,000 of customer deposits into a single trading account at Nadex. As the trader for NCI, he would use that money to trade binary options on the customers’ behalf. Butler would leave clients to think that each customer payment would be placed into…
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Olson has admitted to being affiliated with Blue Bit Banc and similar bodies from around April 2014 to March 2018. He would sell binary options to Blue Bit customers during this period by utilising aliases and watching over sales staff within Blue Bit’s Manhattan-based office. Olson also admitted to misrepresenting Blue Bit trade profitability, manipulating…
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Since July 2020, Qin and Virgil Capital have told investors who requested redemptions from the Sigma Fund, that their interests would be transferred to VQR Multistrategy Fund LP, another fund under the control of Qin but with separate management and operations. The regulator’s complaint alleges that no funds were transferred and the redemption requests remain…
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