FX Fraudster David Prescott Ordered to Pay $1.8 million
- US-based fraudster David Prescott has been issued with a harsh financial penalty after a court in Wisconsin found him guilty of fraud. Prescott is required to pay over $1.8 million in fines.
A Wisconsin district court has found David Prescott guilty of fraudulently soliciting individuals to invest in a 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 investment pool. The Honorable Charles N. Clevert, Jr. of the U.S. District Court required Prescott to pay the restitution and civil monetary penalties, and has permanently barred Prescott from engaging in any commodity-related activity, including trading, and from registering or seeking exemption from registration with the CFTC.
In a press notification issued by US regulator, the U.S. Commodity Futures Trading Commission (CFTC), the watchdog has obtained $455,098 in restitution for defrauded OTC FX customers and a $1,365,294 civil monetary penalty in a federal court default judgment Order against David Prescott.
Prescott who is also known as David Weeks was previously charged with a range of illicit activity. His latest breach of rulings saw the fraudster dupe investors for $455,000 after soliciting them to invest into his currency fund, Cambridge Currency Partners. Prescott’s crime was investigated after investors raised a complaint against the activity in April this year.
According to the Complaint, from at least June 2010 to the present, Prescott misappropriated at least $455,000 of pool participants’ monies, using some of those funds for air travel, hotel accommodations, and gambling.
The Complaint also alleges that Prescott defrauded pool participants and prospective pool participants by misrepresenting the risks involved in forex trading and executing demand promissory notes in their favor that promised the repayment of the note amount and monthly interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, knowing or recklessly disregarding that he could not make those payments by his forex trading.
Lawmakers from Wisconsin reached their verdict on the 30th of October in regards to Prescott's fraud, and thus outlawed the individual from working as a regulated advisor.
In light of several FX-related scams, the CFTC has dedicated a specific section on its website educating investors about the possible issues related to FX investments.
A Wisconsin district court has found David Prescott guilty of fraudulently soliciting individuals to invest in a 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 investment pool. The Honorable Charles N. Clevert, Jr. of the U.S. District Court required Prescott to pay the restitution and civil monetary penalties, and has permanently barred Prescott from engaging in any commodity-related activity, including trading, and from registering or seeking exemption from registration with the CFTC.
In a press notification issued by US regulator, the U.S. Commodity Futures Trading Commission (CFTC), the watchdog has obtained $455,098 in restitution for defrauded OTC FX customers and a $1,365,294 civil monetary penalty in a federal court default judgment Order against David Prescott.
Prescott who is also known as David Weeks was previously charged with a range of illicit activity. His latest breach of rulings saw the fraudster dupe investors for $455,000 after soliciting them to invest into his currency fund, Cambridge Currency Partners. Prescott’s crime was investigated after investors raised a complaint against the activity in April this year.
According to the Complaint, from at least June 2010 to the present, Prescott misappropriated at least $455,000 of pool participants’ monies, using some of those funds for air travel, hotel accommodations, and gambling.
The Complaint also alleges that Prescott defrauded pool participants and prospective pool participants by misrepresenting the risks involved in forex trading and executing demand promissory notes in their favor that promised the repayment of the note amount and monthly interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, knowing or recklessly disregarding that he could not make those payments by his forex trading.
Lawmakers from Wisconsin reached their verdict on the 30th of October in regards to Prescott's fraud, and thus outlawed the individual from working as a regulated advisor.
In light of several FX-related scams, the CFTC has dedicated a specific section on its website educating investors about the possible issues related to FX investments.