$30 million forex Ponzi scheme ends in guilty plea

David Lewalski has plead guilty to federal mail fraud charges in connection with a $30 million foreign exchange (“forex”) Ponzi scheme through his Florida-based company Botfly LLC. He faces up to twenty years in prison. Lewalski promised prospective clients monthly returns of up to ten percent,...

Forex and commodities Ponzi schemers fined $8 million

The CFTC announced that Ruben Gonzalez, Jose Naranjo, and their company New Golden Investment Group, LLC (“NGI”) have been ordered to pay $8 million in disgorgement, restitution, and civil monetary penalties. A federal judge in California has found that the defendants ran a multi-million dollar...

CPO ordered to pay $835,000 for commodity pool fraud

The CFTC announced that Jay C. Nolan and his company Lodge Capital Group have been ordered to pay $825,000 as a civil monetary penalty for commodity pool fraud. Nolan and Lodge Capital, registered at the time as an Illinois commodity pool operator (“CPO”) were found to have defrauded investors of...

Forex broker iForex suspended and fined by Hungarian regulator

iForex, a online foreign exchange (“forex”) broker, has been fined and had its operating license suspended by the Hungarian Financial Supervisory Authority (“HFSA”). The Authority claims that it uncovered violations of consumer-protection rules, including instances of forex fraud and...

AP fined for platinum and palladium price manipulation

As a coda to last year’s enforcement action against Moore Capital Management, the CFTC has filed and settled charges against Christopher Louis Pia for attempted price manipulation. The hedge fund portfolio manager and CFTC registered Associated Person (“AP”) attempted to manipulate the...

Pastor caught in forex Ponzi scheme

The CFTC announced that Jeremiah C. Yancy and his company Longbranch Group International have been ordered to pay $2 million in restitution and civil monetary penalties. A federal court in Texas has found that Yancy and Longbranch ran a foreign exchange (“forex”) Ponzi scheme and misappropriated...

Three more defendants indicted in Trevor Cook’s forex Ponzi scheme

The U.S. Attorney General’s office in Minnesota has indicted three more individuals in connection with Trevor Cook’s multi-million dollar foreign exchange (“forex”) Ponzi scheme. Jason Bo-Allen Beckman, Gerald Joseph Durand, and Patrick Kiley have been charged with wire fraud, mail...

Dairy traders settle with CFTC over price manipulation

The CFTC simultaneously filed and settled charges against Ecoval Dairy Trade, Inc,  in connection with alleged price manipulation of Non Fat Dairy Milk (“NFDM”) futures contracts on the Chicago Mercantile Exchange (“CME”). Ecoval has neither confirmed nor denied the...

Captured forex Ponzi schemer charged by CFTC, SEC, Feds

The CFTC and SEC have both filed charges against Jeffery Alan Lowrance (formerly of Texas) and his New Zealand-based firm First Capital Savings and Loan. Both agencies allege that Lowrance ran a million-dollar Ponzi scheme via First Capital, fraudulently soliciting and subsequently misappropriating money...

Lawyers tussle over ‘financial conspiracy’ evidence in McCrudden case

Defense counsel for disgruntled former hedge-fund manager and commodities trader Vincent P. McCrudden will argue before a judge that he should be allowed to show evidence of financial conspiracy theories at his trial next week. McCrudden has been charged with “transmission of threats to injure”...
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