Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich April 19, 2012

Th CFTC filed an order against Flint-McClung Capital (FMC) of Englewood, Colorado and Shawon McClung of Denver, Colorado, charging them a $1,701,250 restitution and a $4.3 million civil monetary penalty.

According to the order, the CFTC found that the defendants solicited and received at least $2.4 million from 20 customers by claiming to be successful in trading forex. McClung represented to his customers that FMC had $300 million in pool participant funds. He said that he used $500 million in pool proprietary funds to trade forex. According to the order, McClung engaged in little to no trading on behalf of pool participants.

McClung misappropriated $1,701 in funds for personal expenses. He used $70,000 to purchase automobiles, pay unrelated individuals, pay profit payments or return principal to customers.

Read more about this enforcement action.

Photo credit: eric the fish

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