Convicted felon ran two fraudulent CTA schemes

Alexander Giap of Annandale, Virginia, is a convicted felon. Over a decade ago, in 1995, he pled guilty to bid rigging, wire fraud, and bank fraud in three separate criminal real estate schemes. The CFTC has now charged Giap with operating two schemes that amounted to nearly $800,000 in funds for the allegedly fraudulent CTA. Giap allegedly used his firm, iTrade, as a “school” to solicit funds for his commodity trading advisor (“CTA”) and conduct CTA business. Allegedly, Giap solicited at least $104,000 from what he called “students,” promising a “money back guarantee” on his clients’ funds.¬†Neither iTrade nor Giap has ever been registered with the CFTC.

In the second scheme, Giap allegedly acted as an unregistered CTA separate from iTrade. The complaint charges Giap with approaching four individuals on the value or advisability of trading futures contracts through futures accounts, soliciting over $700,000 from members of the general public. The schemes lasted from January 2009 through September 2009, and October 2009 through at least October 2011, according to the complaint.

The CFTC seeks restitution, disgorgement, civil monetary penalties, trading and registration bands and a permanent injunction against Giap prohibiting further violations of federal commodities law.

Read more about the enforcement action.

Photo credit: John Glass

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