CFTC charges Helmut Weber, Weber Capital Management with Forex Scheme
Defendant used three websites to solicit customers and misappropriated approximately $280,000 of customer funds.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Helmut H. Weber d/b/a Weber Capital Management (WCM) of Scottsdale, Arizona, charging Weber 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.
The CFTC complaint, filed in the U.S. District Court for the District of Arizona, Phoenix Division on March 9, 2010, alleges that Weber, through personal solicitations and his websites -- www.weberfx.com, www.webercapitalmanagement.com and www.newtempsite.com -- fraudulently solicited customers to invest at least $280,000 in 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. The complaint also alleges that, contrary to Weber’s representations, only a fraction of customer funds were actually traded and that the majority of the funds were misappropriated to pay for Weber’s lavish lifestyle.
Specifically, the complaint alleges that, from at least June 2008 through January 2009, Weber falsely told customers that he was a successful and experienced forex trader, promised profits of three percent to 10 percent monthly on investments and claimed that WCM was registered with the National Futures Association and the CFTC. Based on these false representations, many of his clients recommended Weber to their friends and family.
Additionally, Weber continued to solicit prospective and existing clients even after the Arizona Corporation Commission, Securities Division, served a “cease and desist” order upon him on September 12, 2008, according to the complaint. The order required him to stop certain forex business activities and to close two of his websites. The state of Arizona subsequently on October 22, 2008, indicted him on 29 criminal violations, including fraud and theft, related to his forex solicitation activities. The criminal charges against Weber remain pending.
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Defendant used three websites to solicit customers and misappropriated approximately $280,000 of customer funds.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Helmut H. Weber d/b/a Weber Capital Management (WCM) of Scottsdale, Arizona, charging Weber 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.
The CFTC complaint, filed in the U.S. District Court for the District of Arizona, Phoenix Division on March 9, 2010, alleges that Weber, through personal solicitations and his websites -- www.weberfx.com, www.webercapitalmanagement.com and www.newtempsite.com -- fraudulently solicited customers to invest at least $280,000 in 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. The complaint also alleges that, contrary to Weber’s representations, only a fraction of customer funds were actually traded and that the majority of the funds were misappropriated to pay for Weber’s lavish lifestyle.
Specifically, the complaint alleges that, from at least June 2008 through January 2009, Weber falsely told customers that he was a successful and experienced forex trader, promised profits of three percent to 10 percent monthly on investments and claimed that WCM was registered with the National Futures Association and the CFTC. Based on these false representations, many of his clients recommended Weber to their friends and family.
Additionally, Weber continued to solicit prospective and existing clients even after the Arizona Corporation Commission, Securities Division, served a “cease and desist” order upon him on September 12, 2008, according to the complaint. The order required him to stop certain forex business activities and to close two of his websites. The state of Arizona subsequently on October 22, 2008, indicted him on 29 criminal violations, including fraud and theft, related to his forex solicitation activities. The criminal charges against Weber remain pending.
Read the rest here.