Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich March 4, 2011

Helmut H. Weber was required to pay restitution and civil monetary penalties of not less than $1.1 million to the US Commodity Futures Trading Commission (CFTC) for conducting an illegal off-exchange foreign currency (Forex) plan from June 2008 until January 2009.

The order was entered by Judge David G. Campbell of the US District Court for the District of Arizona, and was based on a March 9, 2010 complaint filed by the CFTC. In the Complaint, the CFTC alleged that Weber illegally asked his customers to invest in Forex, and traded only a portion of the funds entrusted to him. The rest was spent for his personal use.

Weber has been charged with deceiving his customers into believing that he was a seasoned and successful trader and can deliver a high ROI. He has been permanently barred from registering with the CFTC.