Tag: Forex fraud

CFTC
December 29, 2021 BY Steffy Bogdanova

CFTC files charges in a multi-million-dollar forex fraud

Background According to the regulator’s complaint, from 2012 to 2018, WorldWideMarkets, along with TAB Networks who performed all of its business activities, participated in forex transactions with 14,000 retail customers. During this period, the companies operated out of New Jersey. However, the CFTC discovered that Plaut organized WorldWideMarkets in the British Virgin Islands in order…

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CFTC
September 17, 2021 BY Steffy Bogdanova

CFTC brings forex fraud charges in a $426K Ponzi Scheme

The CFTC further alleges that Bryant made numerous false statements to potential and current pool participants about his trading experience, his success rate, and being registered with the National Futures Association. Bryant omitted to disclose that he was a convicted criminal with a history of financial problems, including three bankruptcies. The regulator explained that instead…

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CFTC
December 23, 2020 BY Steffy Bogdanova

CFTC orders more than $255K restitution in forex fraud case

The consent order finds that between April 2017 and February 2019, Pyatt accepted $276,850 from pool participants to trade commodity futures and forex. The US watchdog also discovered that Pyatt misappropriated most of pool participants’ funds for business expenses and personal use, and to make Ponzi-like payments to other pool participants, while using only a…

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May 08, 2018 BY LeapRate Staff

Cifuentes Fund Management and owners charged and fined $1.8M over Forex fraud scheme

The U.S. Commodity Futures Trading Commission (CFTC) has announced that Judge Esther Salas of the U.S. District Court for the District of New Jersey has entered an Order of default judgment and permanent injunction against Alcibiades Cifuentes and Jennifer Wee Cifuentes, both of West New York, New Jersey, and their corporate entity, Cifuentes Fund Management, LLC. The Order,…

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April 26, 2018 BY LeapRate Staff

Civil action filed against Michael Salerno and his companies for LinkedIn-based Retail Forex fraud

The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has filed a civil enforcement action charging Defendants Michael Salerno of Chadds Ford, Pennsylvania, and his companies Black Diamond Forex LP and BDF Trading LP, both Pennsylvania limited partnerships, and Advanta FX, a Pennsylvania corporation, with fraudulently soliciting members of the public to become foreign currency (forex) proprietary traders and…

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sec fraud
November 13, 2017 BY LeapRate Staff

Draven LLC and owner Derek Springfield banned and fined in multi million dollar Forex fraud

The U.S. Commodity Futures Trading Commission (CFTC) has  announced that Judge David G. Campbell of U.S. District Court for the District of Arizona entered a Consent Order against Defendants Derek Springfield and his company, Draven, LLC (Draven), both of Mesa, Arizona finding that they fraudulently solicited and received at least $1.8 million from approximately 112 commodity pool participants in…

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August 24, 2017 BY LeapRate Staff

Unique Forex, White Cloud Mountain, Blackbox Pulse and their owners charged with Forex fraud

The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has filed a civil enforcement action against defendants Thomas Lanzana (doing business as Unique Forex) currently of Pawleys Island, South Carolina and his company Blackbox Pulse, LLC of North Bergen, New Jersey, as well as Nikolay Masanko and his company White Cloud Mountain, LLC, both of St. Augustine, Florida, charging…

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