A permanent registration/ trading ban, handed down by a Texas court, to defendant Mark E. Rice, along with $1.5 million in civil penalty's and restitution, as part of a CFTC complaint uncovering a fraudulent Forex scheme.
The CFTC has begun the New Year with a string of new actions, including the latest complaint upheld by a federal court that requires defendant Mark E. Rice from Sugarland, Texas to pay $827,000 in restitution and $673,000 in civil penalties in order to settle CFTC charges related to Forex fraud.
The charges were in connection with alleged fraudulent activities involving foreign Exchange currency contracts, including misappropriation of customer funds to trade leveraged otc forex, and fraudulent solicitation by Mark E. Rice of Financial Robotics Inc., according to the CFTC press release.
The permanent injunction as part of a Consent order stemming from a CFTC complaint filed in 2011 against Rice, and Rice’s company Financial Robotics Inc. (FinRob), entered on January 13th, 2014, by Judge Lee H. Rosenthal in the US District Court for the Southern District of Texas imposes a permanent trading and registration ban against Rice and prohibits him from violating provisions of the CEA, as charged, along with the total $1.5 million in sanctions handed down to Rice.
Judge Rosenthal also presided over the 2011 injunction when the CFTC moved in swiftly to protect the books and freeze assets of Financial Robotics Inc. and Rice. The press release by the CFTC today stated its litigation with Financial Robotics Inc. as ongoing.
Followed 2011 Injunction by CFTC to freeze Financial Robotics Assets
According to the order, from June 2008, Rice operated a fraudulent scheme that solicited approximately $1.7 million from one individual to trade leveraged off-exchange forex contracts, and described how Rice falsely told his customer, among other things, that his investment was “risk free” and insured against loss, and that the return of his principal was guaranteed.
The Order further finds that Rice misappropriated at least $576,000 of his customer’s funds by transferring the money to unrelated Rice-controlled companies and, thereafter, spending at least $404,000 of those funds for Rice’s personal and business expenses.
During the 2011 injunction, the CFTC thanked the National Futures Association (NFA), the British Virgin Islands (BVI) Financial Services Commission (FSC), The Netherlands Authority for the Financial Markets (AFM), and the United Kingdom’s Financial Conduct Authority (FCA) for their assistance.
In the announcement today of the Texas federal court ruling, the CFTC noted that its Division of Enforcement (DOE) staff members responsible for this case were Kevin S. Webb, Michelle S. Bougas, James H. Holl, III, and acting Director of Enforcement, Gretchen L. Lowe.
The CFTC has begun the New Year with a string of new actions, including the latest complaint upheld by a federal court that requires defendant Mark E. Rice from Sugarland, Texas to pay $827,000 in restitution and $673,000 in civil penalties in order to settle CFTC charges related to Forex fraud.
The charges were in connection with alleged fraudulent activities involving foreign Exchange currency contracts, including misappropriation of customer funds to trade leveraged otc forex, and fraudulent solicitation by Mark E. Rice of Financial Robotics Inc., according to the CFTC press release.
The permanent injunction as part of a Consent order stemming from a CFTC complaint filed in 2011 against Rice, and Rice’s company Financial Robotics Inc. (FinRob), entered on January 13th, 2014, by Judge Lee H. Rosenthal in the US District Court for the Southern District of Texas imposes a permanent trading and registration ban against Rice and prohibits him from violating provisions of the CEA, as charged, along with the total $1.5 million in sanctions handed down to Rice.
Judge Rosenthal also presided over the 2011 injunction when the CFTC moved in swiftly to protect the books and freeze assets of Financial Robotics Inc. and Rice. The press release by the CFTC today stated its litigation with Financial Robotics Inc. as ongoing.
Followed 2011 Injunction by CFTC to freeze Financial Robotics Assets
According to the order, from June 2008, Rice operated a fraudulent scheme that solicited approximately $1.7 million from one individual to trade leveraged off-exchange forex contracts, and described how Rice falsely told his customer, among other things, that his investment was “risk free” and insured against loss, and that the return of his principal was guaranteed.
The Order further finds that Rice misappropriated at least $576,000 of his customer’s funds by transferring the money to unrelated Rice-controlled companies and, thereafter, spending at least $404,000 of those funds for Rice’s personal and business expenses.
During the 2011 injunction, the CFTC thanked the National Futures Association (NFA), the British Virgin Islands (BVI) Financial Services Commission (FSC), The Netherlands Authority for the Financial Markets (AFM), and the United Kingdom’s Financial Conduct Authority (FCA) for their assistance.
In the announcement today of the Texas federal court ruling, the CFTC noted that its Division of Enforcement (DOE) staff members responsible for this case were Kevin S. Webb, Michelle S. Bougas, James H. Holl, III, and acting Director of Enforcement, Gretchen L. Lowe.
eToro Welcomes Back Naomi Rarmani as Head of Compliance Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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