Shipkevich Bitcoin and ICO Attorney

Forex

Felix Shipkevich January 18, 2012

The CFTC has won a federal consent order against FXOpen Investments Inc., an offshore company, for failing to register with the Commission. The firm is required to pay $140,000 in civil monetary penalty for soliciting the public to make foreign exchange (“forex”) transactions without registering as a Futures Commission Merchant (“FCM”) or Retail Foreign Exchange […]

Felix Shipkevich January 17, 2012

Embattled custody bank BNY Mellon is reportedly still in negotiations over the lawsuit filed by federal prosecutors regarding the bank’s foreign exchange (“forex”) rate practices. The lawsuit, filed by Manhattan U.S. Attorney Preet Bharara, aims in part to discover BNY’s methods for disclosing pricing for forex transactions. A judge granted a one-week extension on January […]

Felix Shipkevich January 13, 2012

The CFTC has obtained a federal consent order against Jeffrey L. Groendyke (and his trade name JG Forex Fund) requiring him to pay $963,141 in restitution and $420,000 in civil monetary penalty for operating an over-the-counter foreign exchange (“forex”) Ponzi scheme. Groendyke is also permanently banned from engaging in any commodity-related activity. The defendant was […]

Felix Shipkevich December 12, 2011

The CFTC has won a supplemental consent order against Jacob Juma Omukwe and his companies, JadeFX, LTD and Jade Investments Group, LLC in connection with over-the-counter foreign exchange (“forex”) fraud. The defendants must  jointly and severally pay over $2.6 million in restitution and civil monetary penalties. In March 2011, a federal judge in Wisconsin found that […]

Felix Shipkevich December 1, 2011

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 that their retail foreign exchange (“forex”) Paragon FX was not registered as a Retail Foreign Exchange Dealer […]

Felix Shipkevich November 29, 2011

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 frozen by the regulatory actions of a foreign agency. […]

Felix Shipkevich November 21, 2011

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 (“forex”) trading […]

Felix Shipkevich November 17, 2011

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 defendants’ assets and prohibiting the destruction of their books and […]

Felix Shipkevich November 16, 2011

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 exchange (forex) in pooled and managed trading accounts via their proprietary trading […]

Felix Shipkevich November 14, 2011

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 scheme. According to the consent order, Rakotonanahary and Cyber Market Group solicited the public to […]