CFTC pursues unregistered CPO, RFED

The CFTC has filed civil injunctions against International Commodity Advisors (“ICA”), ProfitStars Int’l Corp. (“PSI”), and Paragon FX Enterprises. According to the Commission, ICA is an unregistered Commodity Pool Operator (“CPO”), and  PSI failed to disclosed to customers...

Forex broker fined for off-shore fraud

The CFTC has simultaneously filed and settled charges against Alan A. Grant and his firm, Francis Grant Investments Inc, in connection with foreign exchange (“forex”) fraud. According to the CFTC, the defendants failed to notify customers that the forex pool in which they participated had been...

BNY Mellon wins partial victory in VA forex suit

Bank of New York Mellon won a small victory last Friday in one of its many pending lawsuits when a Virginia judge threw out two of the three charges against it. BNY Mellon is one of several custody banks facing legal action by pension funds and other large investors over controversial foreign exchange...

Texas brothers accused of forex fraud

The CFTC has filed a complaint against GID Group, Inc, and its agents and officers Rodney and Roger Wagner. The Texas-based defendants have been charged with operating an over-the-counter foreign exchange (“forex”) Ponzi scheme. A U.S. District Court Judge has entered an order freezing the...

Forex fraud case discredits “Gladiator system”

The CFTC has filed a civil injunctive complaint against Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc, and Beekeepers Fund Capital Management, LLC. The Denver-based defendants have been charged with fraudulently soliciting over a million dollars from customers to trade foreign...

Forex felon ordered to pay half-million

The CFTC has obtained a consent order of permanent injunction against Patrick Rakotonanahary, as well as a default judgement against Rakotonanahary’s company Cyber Market Group, LLC. The defendants were found to have operated a multimillion dollar foreign exchange (“forex”) Ponzi...

Forex-fraud fugitive ordered to pay $4.5 million

The CFTC has obtained a default judgement against Jeffrey Alan Lowrance and his New Zealand-based company First Capital Savings and Loan for operating a fraudulent over-the-counter foreign exchange (“forex”) scheme. They are required to jointly and severally pay $3.3 million as a civil monetary...

$24 million penalty for forex Ponzi scheme

The CFTC has obtained a supplemental consent order requiring Sidney Hanson, Charlotte Hanson, and their companies Queen Shoals, Queen Shoals II, and Select Fund to pay $24 million in restitution and civil monetary penalties for running a foreign exchange (“forex”) Ponzi scheme. Additionally, the...

NFA finalizes forex amendments

The NFA has finalized several proposed amendments to rules governing forex dealer members (“FDM”). These amendments were first proposed September in rule submission letters to the CFTC. One set of changes will come into effect next month, while the second will not be in place until January. The...

CPO Integra Capital fined for forex fraud

The CFTC has obtained a federal court order requiring Rodney Whitney, Nicholas T. Cox, and Integra Capital Management to pay over $6.9 million in restitution, disgorgement, and civil monetary penalties. The unregistered Commodity Pool Operator (“CPO”) and its two APs were found by a U.S. District...
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