CFTC charges Florida scammers with a forex fraud

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) charged FX Professional International Solutions, Inc. (FXP) (a.k.a. FX Professional Solutions, LLC), of Orlando, Fla. and its principals, Pedro de Sousa (a.k.a. Pedroiz J. Sanz), also of Orlando, and Guillermo Rosario (a.k.a. Guillermo Rosario-Colon) of Coral Gables, Fla., with issuing false account statements to customers in connection with an 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) fraud.

The CFTC complaint, filed in the U.S. District Court for the Southern District of Florida on July 13, 2010, alleges that in April 2005, Rosario and de Sousa solicited at least $535,000 from four individuals to trade forex contracts through FXP. The complaint charges that Rosario and de Sousa falsely represented to customers that since 2002 FXP had annual Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term profits of 21 percent to 85 percent with no losing years; however, FXP did not exist prior to 2004. Furthermore, according to the complaint, defendants sent customers false monthly account statements showing profits every month from 2005 through 2008 when, in fact, the defendants’ forex trading resulted in monthly losses in 31 of 40 months during this period.

In its continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains and civil monetary penalties.

FBI arrests de Sousa and Rosario on criminal charges

At the same time, the Federal Bureau of Investigations (FBI) arrested de Sousa and Rosario based on criminal charges filed by the U.S. Attorneys’ Office for the Southern District of Florida.

The CFTC appreciates the assistance of both the FBI and the U.S. Attorneys’ Office.

The following CFTC Division of Enforcement staff members are responsible for this action: Matthew Elkan, Eugenia Vroustouris, Daniel Jordan, William McNish, Michael Loconte, Rick Glaser and Richard B. Wagner.

Check out the full complaint:

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