CFTC Charges Randall Lynn Stuckey with Soliciting at Least $2.8 Million in Forex Fraud
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud civil lawsuit charging defendants Randall Lynn Stuckey of St. Peters, Mo., and his Missouri-based business entities, Stuckey Group, L.P., Stuckey Group II, L.P. and Oakwood Development Company L.P. (collectively, the Stuckey Common Enterprise) with operating an illegal off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 defrauded more than 65 customers out of at least $2.8 millionץ
The CFTC complaint, filed on February 18, 2011, in the U.S. District Court for the Eastern District of Missouri, alleges that Stuckey fraudulently solicited and accepted funds from members of the general public from January 2007 through July 2010 to trade leveraged or margined off-exchange forex contracts. Stuckey operated the scheme via the Internet out of his residence in St. Peters, according to the complaint. Stuckey allegedly misrepresented to customers that their funds were being traded profitably when, in fact, Stuckey knew that he was losing money trading customers’ funds and that the Stuckey Common Enterprise defendants had incurred substantial losses trading customers’ funds in forex futures. For example, Stuckey allegedly falsely claimed that customers’ investments had increased in value from an original aggregate investment of $2.85 million to approximately $4.8 million.
To conceal and perpetuate his fraud, Stuckey provided customers with monthly account statements showing false account values and false returns on their funds, the complaint charges. Additionally, the account statements falsely reported monthly trading profits from one to six percent, even though the Stuckey Common Enterprise defendants were losing money on trades, according to the complaint.
Read the rest here. The complaint is here and the order is here.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud civil lawsuit charging defendants Randall Lynn Stuckey of St. Peters, Mo., and his Missouri-based business entities, Stuckey Group, L.P., Stuckey Group II, L.P. and Oakwood Development Company L.P. (collectively, the Stuckey Common Enterprise) with operating an illegal off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 defrauded more than 65 customers out of at least $2.8 millionץ
The CFTC complaint, filed on February 18, 2011, in the U.S. District Court for the Eastern District of Missouri, alleges that Stuckey fraudulently solicited and accepted funds from members of the general public from January 2007 through July 2010 to trade leveraged or margined off-exchange forex contracts. Stuckey operated the scheme via the Internet out of his residence in St. Peters, according to the complaint. Stuckey allegedly misrepresented to customers that their funds were being traded profitably when, in fact, Stuckey knew that he was losing money trading customers’ funds and that the Stuckey Common Enterprise defendants had incurred substantial losses trading customers’ funds in forex futures. For example, Stuckey allegedly falsely claimed that customers’ investments had increased in value from an original aggregate investment of $2.85 million to approximately $4.8 million.
To conceal and perpetuate his fraud, Stuckey provided customers with monthly account statements showing false account values and false returns on their funds, the complaint charges. Additionally, the account statements falsely reported monthly trading profits from one to six percent, even though the Stuckey Common Enterprise defendants were losing money on trades, according to the complaint.
Read the rest here. The complaint is here and the order is here.