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 EJS Capital Management were charged with misappropriation of $2 million of investor funds.
A 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.
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 Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term 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.
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 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 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.
A 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.
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 Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term 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.
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 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 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.