Mr Artem Obolensky suffers a rare foreign national penalty under The Dodd-Frank Act The first regular working day of the year is under way and the CFTC is already enforcing a rare action against a foreign national. The regulator has released a press release that informs us of a settlement with Russian national Artem Obolensky…
Read moreThey operated a fraudulent commodity pool soliciting $ 18 million from investors over three years What’s the best time to pull off a forex scheme? – In the aftermath of the greatest financial crisis of modern times of course! That might be an answer in an interview with Philip Leon and Paul Rangel, because that’s…
Read moreHe promised his victims a steady 7% monthly return from forex trading for almost 5 years The CFTC has announced in a press release that it has obtained an order requiring David R. Lynch to pay restitution of $171,297 plus $300,000 civil monetary penalty. Not so smooth for a rather small forex Ponzi scheme that…
Read moreSenen Pousa and Investment Intelligence Corporation defrauded over 960 clients worldwide The US Commodity Futures trading Coomision has obtained a court order against defendants Senen Pousa and Investment Intelligence Corporation (IIC) for the payment of $192 million in relation to their forex fraud scheme that caused over 960 of their customers worldwide to lose their…
Read moreRegistered commodity pool operator Arista LLC misappropriated $4.125 million from 39 investors The US Commodity Futures trading Commission (CFTC) has issued a press release informing the public about a federal court order that seeks over $22 million in restitution and fines from Abdul Sultan Walji and Reniero Francisco. They acted as principals for the registered…
Read moreMore than 50 people scammed through a commodity pool in Connecticut The Commodity Futures Trading Association (CFTC) has announced today that it has obtained a court order against Feisal Sharif, operating through his commodity pool First Financial LLC in Branford, Connecticut. The restitution pronounced by the court amounts to $2.2 million plus $900,000 civil monetary…
Read morePreviously under the name David Weeks he has pulled off another scam costing him $1 mln The CFTC has reported that it has obtained $455,000 to compensate the customers of Cambridge Currency Partners, run by an individual named David Prescott. An additional civil monetary penalty of $1.35 mln is imposed in a federal court judgment.…
Read moreSentenced to prison alongside his associates Robert J. Cannone and Francis Franco The US regulator CFTC has issued a statement announcing that it it obtained a court order against the principal of National Equity Holdings Thomas B. Breen for $1.75 mln, related to his fraudulent activities of solicitation, misappropriation of the firm’s customers’ funds and…
Read moreThe fraudster is already serving his sentence and funds are nowhere to be found The US regulator CFTC has issued a statement regarding a federal court order for $17 mln that it obtained against California resident Lyndon Parrilla. He and his company Green Tree Capital have defrauded over 50 customers of over $4 mln. The…
Read moreTwo air traffic controllers and a commodity trader set up and execute a nice little forex fraud. The CFTC announced more than two years ago in June 2011 that it is filing charges against Louis J. Giddens, Anthony W. Dutton and Michael Gomez for setting up and executing a forex trading scheme. They have accepted…
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