Paragon FX charged by the CFTC as an unregistered RFED

Court enters order freezing Paragon FX’s assets.

As reported by CFTCLaw, the CFTC filed a complaint alleging that Paragon FX accepted orders in retail forex transactions between October and December 2010, but failed to register as an RFED. A judge has prohibited the destruction of Paragon FX’s books and records, and at a hearing in early November partially froze the firm’s assets.

The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, and permanent injunctive relief.

On its website, Paragon FX describes itself as “a foreign currency trading platform strictly to institutional investors…. Paragon does not offer any services to U.S. retail clients that are not eligible contract participants.”

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