CFTC Charges David Ortiz and his Companies, Goyep International and Royal Returns with a Forex Scam
Federal court freezes defendants’ assets and protects books and records.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud enforcement action against defendants David L. Ortiz of Vero Beach, Fla., and his companies, Goyep International, Inc., of Vero Beach, Fla., and Royal Returns, Inc., of Hollywood, Fla., charging them with operating a fraudulent off-exchange foreign currency (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) scheme that accepted funds totaling at least $420,000 from at least 10 customers. None of the defendants has ever been registered with the CFTC.
The CFTC complaint, filed on February 23, 2011, in the U.S. District Court for the Southern District of Florida, alleges that the defendants misappropriated at least $232,000 of customer funds for their own benefit, including using the funds for personal shopping at retail department stores, travel, resort hotels, restaurants, utility bills, car Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, personal credit cards and sending funds directly to the relief defendants, Loredana Ortiz of Vero Beach, Fla., and Natural Health Matters, L.L.C. of Pembroke, Fla. The CFTC complaint names them as relief defendants because they allegedly received customer funds to which they had no entitlement.
On February 24, 2011, Judge K. Michael Moore entered an emergency order freezing the defendants’ assets and prohibiting the destruction of books and records.
The rest here, Complaint here and Order here.
Federal court freezes defendants’ assets and protects books and records.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud enforcement action against defendants David L. Ortiz of Vero Beach, Fla., and his companies, Goyep International, Inc., of Vero Beach, Fla., and Royal Returns, Inc., of Hollywood, Fla., charging them with operating a fraudulent off-exchange foreign currency (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) scheme that accepted funds totaling at least $420,000 from at least 10 customers. None of the defendants has ever been registered with the CFTC.
The CFTC complaint, filed on February 23, 2011, in the U.S. District Court for the Southern District of Florida, alleges that the defendants misappropriated at least $232,000 of customer funds for their own benefit, including using the funds for personal shopping at retail department stores, travel, resort hotels, restaurants, utility bills, car Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, personal credit cards and sending funds directly to the relief defendants, Loredana Ortiz of Vero Beach, Fla., and Natural Health Matters, L.L.C. of Pembroke, Fla. The CFTC complaint names them as relief defendants because they allegedly received customer funds to which they had no entitlement.
On February 24, 2011, Judge K. Michael Moore entered an emergency order freezing the defendants’ assets and prohibiting the destruction of books and records.
The rest here, Complaint here and Order here.