Tag: fraud

CFTC fraud
May 20, 2022 BY Steffy Bogdanova

CFTC files charges in a $44 million crypto fraud scheme

The charges the regulator brought against the defendants were for soliciting the funds for investing in digital assets and other instruments. The defendants were also charged with operating an illegal commodity pool. The scheme According to the CFTC’s complained the defendants used a website, YouTube videos, and other means to solicit the money. However, the…

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May 13, 2022 BY Steffy Bogdanova

Coin Signals’s Jeremy Spence sentenced to prison

Spence managed to solicit over $5 million through false representations. He claimed that his crypto trading had been extremely profitable when, in fact, it had been consistently unprofitable. As a result of his claims, investors transferred additional funds to him. In over one month, He recorded net losses in the accounts in which he traded…

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CFTC fraud
March 30, 2022 BY Steffy Bogdanova

CFTC announces charges in a $7.2 million forex and crypto fraud case

The CFTC found that the fraudulent actions of the defendants began in September 2020. They fraudulently solicited $7.2 million from 322 clients, promising to use the funds to trade forex and cryptocurrency in individual managed accounts. According to the regulator, Tinoco and his company, Kikit & Mess Investments did not trade their clients’ money as…

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CFTC fine
March 24, 2022 BY Steffy Bogdanova

US court issues $5 million penalty over commodity futures pool fraud

According to the court files, Phelps and Castenir formed Maverick, which operated commodity trading pool. In 2013 the company solicited over $1.2 million in funds from investors. The defendants used false materials claiming that Phelps had an extensive history of investing successfully in commodity trading markets. The defendants also falsely assured investors that there would…

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CFTC
February 08, 2022 BY Steffy Bogdanova

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

Details of the fraudulent scheme The CFTC alleges that W Trade Group and Ramos have misappropriated over $19 million from 220 customers. To maintain the scheme, W Trade Group and Ramos sent customers false account statements showing them purported profits and trading activity, when in fact there was none. The other defendant, Carvajales, conjunction with…

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CFTC
February 01, 2022 BY Steffy Bogdanova

CFTC announces charges in a $9.8 million commodity futures and options fraud case

Details of the fraud The US regulator alleges that defendants misappropriated funds from the pool participants and used them to pay personal expenses and to trade commodity futures and options in personal trading accounts. The trading was unprofitable and resulted the pool participants ended up losing money. However, the defendants falsely informed them their investments…

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CFTC
January 31, 2022 BY Steffy Bogdanova

CFTC charges ROFX.net in $58 million forex fraud scheme

CFTC alleges that the ROFX website claimed to trade forex using a highly successful automated trading robot with guaranteed coverage of losses. More than 1,100 customers opened trading accounts through the website and deposited their money in the name of one or more of the companies, all controlled by the individual defendants. All of the…

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