CFTC fines Alcocer and InovaTrade more than $38 million and permanently bans them.
The CFTC has received a federal court order requiring Michael Alcocer and his company InovaTrade to pay a fine of more than $38 million. Alcocer (as well as his company) was also permanently banned from trading or registration with the CFTC.
Not much is left of InovaTrade, other than an old InovaTrade YouTube page advertising the company as “a Panamenian Brokerage Firm that offers specialized Forex brokering to clients 24-hours a day.”
According to the CFTC, Alcocer and InovaTrade induced more than 400 customers to deposit more than $10.6 million with InovaTrade, representing their brokerage as a licensed Retail Foreign Exchange Dealer (RFED), which it never was. InovaTrade also sent its customers false statements of trading activity, and misappropriated more than $9.6 million of customer funds.
For the full CFTC press release please click here.
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