CFTC wins judgment against unregistered forex dealer

The CFTC announced today that it has obtained a default judgement and permanent injunction against foreign exchange, or forex, dealer ForInvest Group. The Commission filed a complaint against the Delaware-based firm in January 2011, alleging that the firm solicited clients to open off-exchange leveraged forex accounts without registering as a retail foreign exchange dealer, or RFED. In fact, ForInvest has never been registered with the CFTC in any capacity.

This case is just one of fourteen other suits brought against forex firms based on the new CFTC forex regulations. These rules, finalized in October, require that any entity interested in the forex market to register with the CFTC and to abide by its policies.

The court order against ForInvest requires that the firm remove its forex solicitation from its website, to pay $280,000 civil monetary penalties, and permanently bars it from engaging in any commodity-related activity or registering with the CFTC.

Read more about this CFTC enforcement action.
Creative Commons License photo credit: Sam Howzit

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