CFTC on the move: revoking registration of two forex related fraudsters


Veruus Wealth Management registration suspended, Arista LLC and Abdul Walji are next

According to a CFTC press release the regulator has revoked registration of Colorado-based forex company Veruus Wealth Management LLC as it confirmed that the company engaged in civil theft and conversion of investments in a managed forex trading account. A Denver court has already found that the firm is liable for the theft of $339,517. Customers were solicited to invest in a Veruus-managed forex trading account from which funds have virtually vanished back in 2012.

In addition the US regulator has outlined that it triggered a procedure of revocation against another forex related company. As we have reported back in December Arista LLC and associated with it Abdul Sultan Walji and Reniero Francisco have defrauded investors of more than $9.5 million. They have subsequently filed falsified statements to the CFTC and the NFA.

The US District Court for the Southern District of New York has already ordered the subjects to pay restitution totaling more than $8.25 million and civil monetary penalties of $6.45 million on Walji and $1.54 million on Arista. In November last year the District Court has sentenced Walji to 151 months in prison.

For the both press releases visit the CFTC’s website here and here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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CFTC on the move: revoking registration of two forex related fraudsters

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