CFTC Charges Jeffrey Liskov and EagleEye Asset Management with Committing a $3 Million Forex Fraud
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil complaint charging Jeffrey Liskov and his company, EagleEye Asset Management, LLC (EEAM), both of Plymouth, Mass., with cheating and defrauding at least one customer in the United States of over $3 million of retirement funds while trading off-exchange foreign currency contracts (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) on the customer’s behalf.
The CFTC complaint, filed in the U.S. District Court for the District of Massachusetts on September 8, 2011, alleges that, from at least October 2008 to August 2010, Liskov failed to inform the customer that he was an unsuccessful forex trader and that 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 is highly volatile and extremely risky. Liskov also allegedly misrepresented to the customer that forex trading suited conservative investment goals.
The complaint further alleges that Liskov engaged in unauthorized trading of the customer’s accounts, misappropriated funds, and forged the customer’s signatures on wire transfer and account opening documents that he provided to the brokerage house carrying her accounts. As a result of this unauthorized trading scheme, Liskov and EEAM received approximately $235,000 in performance incentive fees to which they were not entitled, according to the complaint. By the time the customer discovered the unauthorized trading, Liskov and EEAM allegedly had lost over $3.24 million by trading forex.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, rescission, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the federal commodities laws.
The CFTC appreciates the assistance of the U.S. Attorney’s Office and the Securities and Exchange Commission in Boston, Mass.
CFTC Division of Enforcement staff members responsible for this action are Camille M. Arnold, Joseph Patrick, Susan Gradman, Scott Williamson, Rosemary Hollinger, and Richard Wagner.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil complaint charging Jeffrey Liskov and his company, EagleEye Asset Management, LLC (EEAM), both of Plymouth, Mass., with cheating and defrauding at least one customer in the United States of over $3 million of retirement funds while trading off-exchange foreign currency contracts (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) on the customer’s behalf.
The CFTC complaint, filed in the U.S. District Court for the District of Massachusetts on September 8, 2011, alleges that, from at least October 2008 to August 2010, Liskov failed to inform the customer that he was an unsuccessful forex trader and that 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 is highly volatile and extremely risky. Liskov also allegedly misrepresented to the customer that forex trading suited conservative investment goals.
The complaint further alleges that Liskov engaged in unauthorized trading of the customer’s accounts, misappropriated funds, and forged the customer’s signatures on wire transfer and account opening documents that he provided to the brokerage house carrying her accounts. As a result of this unauthorized trading scheme, Liskov and EEAM received approximately $235,000 in performance incentive fees to which they were not entitled, according to the complaint. By the time the customer discovered the unauthorized trading, Liskov and EEAM allegedly had lost over $3.24 million by trading forex.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, rescission, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the federal commodities laws.
The CFTC appreciates the assistance of the U.S. Attorney’s Office and the Securities and Exchange Commission in Boston, Mass.
CFTC Division of Enforcement staff members responsible for this action are Camille M. Arnold, Joseph Patrick, Susan Gradman, Scott Williamson, Rosemary Hollinger, and Richard Wagner.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report.