Convicted Fraudster Solicited Clients while Under Supervision
A Texas-based fund management firm run by father and son will have its license revoked by the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term after a case was made against them against fraudulently soliciting clients for FX and commodity trading. Growth Capital Management LLC which was run by Robert Mihailovich, Sr., and his son were found to have solicited $30 million from customers. The pair have been banned to work as financial professionals.
Robert Mihailovich, Sr., was involved in an earlier case with the regulators, he had served a 27 month sentence and whilst he was on a 3 year supervision the $30 million was engulfed. Mihailovich and his son had collected the $30 million from 93 clients who were offered managed accounts. The case also showed that Growth Capital Management failed to adhere to many regulatory principles and failed to appear at court hearings.
In June, The CFTC had also obtained a consent order against the defendants son Robert Mihailovich, Jr., that imposed a $40,000 civil monetary penalty and banned him from seeking registration with the CFTC for 10 years and from engaging in certain commodity-related activities, including trading, for 5 years. Now, the regulator is seeking to revoke any remaining registrations that may apply to father, son and firm and compel them to pay the $9.3 million from the July ruling.
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 Magnates team have written a report on the new copy trade phenomenal compared to traditional fund management, available in the Q2 quarterly report 2012.
A Texas-based fund management firm run by father and son will have its license revoked by the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term after a case was made against them against fraudulently soliciting clients for FX and commodity trading. Growth Capital Management LLC which was run by Robert Mihailovich, Sr., and his son were found to have solicited $30 million from customers. The pair have been banned to work as financial professionals.
Robert Mihailovich, Sr., was involved in an earlier case with the regulators, he had served a 27 month sentence and whilst he was on a 3 year supervision the $30 million was engulfed. Mihailovich and his son had collected the $30 million from 93 clients who were offered managed accounts. The case also showed that Growth Capital Management failed to adhere to many regulatory principles and failed to appear at court hearings.
In June, The CFTC had also obtained a consent order against the defendants son Robert Mihailovich, Jr., that imposed a $40,000 civil monetary penalty and banned him from seeking registration with the CFTC for 10 years and from engaging in certain commodity-related activities, including trading, for 5 years. Now, the regulator is seeking to revoke any remaining registrations that may apply to father, son and firm and compel them to pay the $9.3 million from the July ruling.
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 Magnates team have written a report on the new copy trade phenomenal compared to traditional fund management, available in the Q2 quarterly report 2012.