CFTC Charges & Freezes Assets of Previously Convicted FX Fraudster Alex Ekdeshman

A US court has placed a restraining order on two fraudsters stating that their assets will be frozen. Directors of

cftcA desperate con artist who is in breach of a US District Court Order has been charged by a New York court for carrying out another FX scam. Alex Vladimir Ekdeshman of EJS Capital Management and his accomplice Edward J. Servider were served the notice by the country’s financial watchdog.

The U.S. Commodity Futures Trading Commission (CFTC) reported that the U.S. District Court for the Southern District of New York, on May 1, 2014 issued a restraining order against the two defendants. The court’s order states that it is applying a restraining order thus freezing the firm’s assets and prohibiting the destruction or concealment of books and records.

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Complaints raised against the defendants highlight the deceptive nature of the act. Details of the court’s order explains that the defendants had solicited more than $2 million, during their dealings with investors the two had issued false account statements whilst trading client money in FX.

Surprisingly, the firm’s website is currently active with a US telephone number and address. In the company’s ‘About Us’ section on its website, the firm explains: “EJS Capital Management is a dedicated team of successful FOREX traders. Its team members bring a wealth of industry expertise and experience.” Mr. Ekdeshman’s Linkedin profile states that he is the CEO of Paramount Management.

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The case also mentions Alisa Ekdeshman and Michael Vilner who are named as Relief Defendants.

The CFTC has been actively targeting firms and individuals involved in the illegal trading and fraudulent activity relating to foreign exchange. The current case signifies how a previously issued notice from the courts had little or no impact on the fraudster re-engaging in financial crime.

The earlier issued court order against Ekdeshman has permanently prohibited him ‘from cheating or defrauding other persons, from soliciting, receiving or accepting funds from any person for the purpose of purchasing or selling Forex contracts, and from engaging in any activity requiring registration with the CFTC.’

A number of domestic and international agencies were involved in the case including; U.S. Attorney’s Office for the Southern District of New York, the FBI, the United Kingdom Financial Conduct Authority, the l’Autorité des Marchés Financiers du Québec, and the Financial Services Board of the Republic of South Africa.

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