The Commodity Futures Trading Commission (CFTC) has just announced that it has filed a complaint against Dro Kholamian and his company, Blue Star Trading, LLC.
Blue Star Trading has fraudulently solicited potential clients to trade through accounts they would manage leveraged off-exchange FX currency and commodity futures contracts, but instead the company has misappropriated those funds.
According to CFTC, Kholamian has deceived 3 individuals through his local Armenian community relations, by accepting at least $775,000 from them. Apart from this, his company, Blue Star Trading, accepted more than $1.9 million from more than 30 clients in the manner akin to a Ponzi scheme.
The complete announcement can be seen here.