CFTC files charges in a multi-million-dollar forex fraud LeapRate

December 29, 2021 BY Steffy Bogdanova

CFTC files charges in a multi-million-dollar forex fraud

Background According to the regulator’s complaint, from 2012 to 2018, WorldWideMarkets, along with TAB Networks who performed all of its business activities, participated in forex transactions with 14,000 retail customers. During this period, the companies operated out of New Jersey. However, the CFTC discovered that Plaut organized WorldWideMarkets in the British Virgin Islands in order…

December 22, 2021 BY Steffy Bogdanova

NatWest slapped with a $35 million criminal fine for US treasury manipulation

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…

December 22, 2021 BY Steffy Bogdanova

Nikola Corporation agrees to pay $125 million to settle SEC fraud charges

Milton also failed to disclose important details about the refueling time of its prototype vehicles, the status of its headquarters’ hydrogen station, the expected cost and sources of electricity for its hydrogen production, and the economic risks that may arise from its proposed partnership with a leading auto manufacturer. Gurbir S. Grewal, Director of the…

December 21, 2021 BY Steffy Bogdanova

AMF warns against investment companies operating without authorisation

Since the beginning of the year, the French watchdog has added 25 websites to its list of unauthorised entities. This renumber represents a significant fall compared to the 78 websites the regulator warned against in 2020. AMF’s black list was created in 2017 and since then 361 unauthorised internet addresses were added with illegal offerings…

November 30, 2021 BY Steffy Bogdanova

Forex firm Denari Capital and owner to pay $4 million in Pool Fraud case brought by CFTC

The court also found that Capson made misrepresentations about Denari’s activities to the National Futures Association (NFA). The court ordered Capson and Sarkar to payf $250,000 and $166,000, respectively, as penalty. Additionally they and Denari are required to pay restitution of $3,663,282 to victims of their scheme. The court also imposed a permanent injunction prohibiting…

October 28, 2021 BY Steffy Bogdanova

CFTC and SEC charge SwapStar with investment fraud

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…

October 21, 2021 BY Steffy Bogdanova

Credit Suisse ordered to pay $475 million in charges related to Mozambican bond offerings

The SEC highlighted that this stems from Credit Suisse's deficient internal accounting controls. The failed to properly address significant and known risks concerning bribery. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement said: When it comes to cross-border securities law violations, the SEC will continue to work collaboratively with overseas law enforcement and…

October 21, 2021 BY Steffy Bogdanova

CFTC brings charges in a $3.9 million forex and crypto fraud scheme

According to the CFTC, since September 2020, the defendants solicited through different channels, including Kikit’s website, over $3.9 million from 61 clients. The clients gave their money to the defendants to manage them in customized client portfolios for forex and crypto trading. The regulator stated that the defendants did not trade with their clients funds…

Brokeree Solutions issues a warning about imposters

September 21, 2021 BY Steffy Bogdanova

Brokeree Solutions issues warning against imposters

The company said: When reaching out via Skype please ensure that the account you are talking to has Skype name: brokeree before exchanging any financial or other private information. Brokeree also noted that it accepts payments in EUR or USD via bank transfer. Its contracts are signed, discussed and exchanged only via email. Brokeree employees…

August 26, 2021 BY Steffy Bogdanova

Silver Star FX operator to pay $15.6 million on forex fraud charges from CFTC

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…

Category: Fraud