Category: Fraud

CFTC fraud
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…

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ASIC ban
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…

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CFTC fraud
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…

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Australia
July 04, 2022 BY Steffy Bogdanova

Australians lost over $2 billion to scams last year

Out of the total number, investment scams accounted for the highest loss with $701 million in 2021, followed by payment redirection scams and romance scams which with losses of $227 million and $142 million, respectively. The increasing popularity of cryptocurrency has contributed to the growing amount of investment scams, according to the report. The ACCC…

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ASIC ban
June 27, 2022 BY Steffy Bogdanova

ASIC freezes assets of four companies and director

ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…

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