CFTC through court orders Total Call Group to pay $4.8 million for making false representations
Total Call Group has never been registered with the Commission. Total Call Group is not a financial institution, registered broker dealer, insurance company, bank holding company, investment bank holding company, or the associated person of any such entity.
Beginning in at least early 2006 and continuing up until October 2008, the Defendants solicited approximately $808,000 from at least four customers, $10,000 of which was solicited after June 18, 2008, to trade 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. The Defendants deposited and/or pooled approximately $800,000 of these funds into three 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 accounts held by the Defendants in the name of “Total Call Group, Poe B. Craig” at Forex Capital Markets, LLC (“FXCM”). The Defendants also deposited an additional $26,000, the source of which is unknown, into the FXCM trading accounts.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court entered an order of default judgment and permanent injunction against Total Call Group, Inc. (aka TPFX, Inc., Power Play FX) of Frisco, Texas, and its principals, Craig B. Poe, also of Frisco, and Thomas Patrick Thurmond (aka Patrick Thurmond) of San Antonio, Texas.
The court’s order requires Poe and Thurmond, respectively, to pay a civil monetary penalty of $3.24 million and $1.62 million and holds Total Call Group jointly and severally liable for the payment of these amounts.
The order, entered on March 30, 2012, by Judge Richard A. Schell of the U.S. District Court for the Eastern District of Texas, stems from a CFTC enforcement action filed on September 29, 2010, that charged the defendants with issuing false customer account statements in connection with an off-exchange foreign currency (forex) fraud (see CFTC Press Release 5908-10).
The order finds that, beginning in early 2006 and continuing until October 2008, the defendants solicited approximately $808,000 from at least four customers to trade forex. In soliciting the funds, Thurmond made false representations to one or more of Total Call Group’s customers, including that Poe had been trading forex and living off the income for over four years, and that he and Poe had personally provided over $1 million to Total Call Group, according to the order.
At the end of August 2008, the defendants sustained trading losses and incurred trading fees amounting to approximately 90 percent of the then current balance of the trading accounts, according to the order. However, the defendants did not report these substantial losses to customers, but instead continued to promote the profitability of trading and solicited additional funds, the order finds.
In September through December 2008, the order finds that the defendants traded and lost almost all of the remaining funds in the trading accounts. Despite these losses, Poe sent false account statements to customers, including several false statements after the trading accounts were fully liquidated in November 2008, that collectively reflected a positive balance of over $750,000 in Total Call Group’s forex trading accounts.
CFTC Division of Enforcement staff members responsible for this action are Patrick M. Pericak, Daniel Jordan, Eugenia Vroustouris, Jessica Harris, Michael Loconte, Rick Glaser and Richard B. Wagner.
Total Call Group has never been registered with the Commission. Total Call Group is not a financial institution, registered broker dealer, insurance company, bank holding company, investment bank holding company, or the associated person of any such entity.
Beginning in at least early 2006 and continuing up until October 2008, the Defendants solicited approximately $808,000 from at least four customers, $10,000 of which was solicited after June 18, 2008, to trade 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. The Defendants deposited and/or pooled approximately $800,000 of these funds into three 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 accounts held by the Defendants in the name of “Total Call Group, Poe B. Craig” at Forex Capital Markets, LLC (“FXCM”). The Defendants also deposited an additional $26,000, the source of which is unknown, into the FXCM trading accounts.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court entered an order of default judgment and permanent injunction against Total Call Group, Inc. (aka TPFX, Inc., Power Play FX) of Frisco, Texas, and its principals, Craig B. Poe, also of Frisco, and Thomas Patrick Thurmond (aka Patrick Thurmond) of San Antonio, Texas.
The court’s order requires Poe and Thurmond, respectively, to pay a civil monetary penalty of $3.24 million and $1.62 million and holds Total Call Group jointly and severally liable for the payment of these amounts.
The order, entered on March 30, 2012, by Judge Richard A. Schell of the U.S. District Court for the Eastern District of Texas, stems from a CFTC enforcement action filed on September 29, 2010, that charged the defendants with issuing false customer account statements in connection with an off-exchange foreign currency (forex) fraud (see CFTC Press Release 5908-10).
The order finds that, beginning in early 2006 and continuing until October 2008, the defendants solicited approximately $808,000 from at least four customers to trade forex. In soliciting the funds, Thurmond made false representations to one or more of Total Call Group’s customers, including that Poe had been trading forex and living off the income for over four years, and that he and Poe had personally provided over $1 million to Total Call Group, according to the order.
At the end of August 2008, the defendants sustained trading losses and incurred trading fees amounting to approximately 90 percent of the then current balance of the trading accounts, according to the order. However, the defendants did not report these substantial losses to customers, but instead continued to promote the profitability of trading and solicited additional funds, the order finds.
In September through December 2008, the order finds that the defendants traded and lost almost all of the remaining funds in the trading accounts. Despite these losses, Poe sent false account statements to customers, including several false statements after the trading accounts were fully liquidated in November 2008, that collectively reflected a positive balance of over $750,000 in Total Call Group’s forex trading accounts.
CFTC Division of Enforcement staff members responsible for this action are Patrick M. Pericak, Daniel Jordan, Eugenia Vroustouris, Jessica Harris, Michael Loconte, Rick Glaser and Richard B. Wagner.