Linda Harris of CDH Forex to Pay $5.4 million
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order imposing more than $5.4 million in restitution and a civil monetary penalty on defendants Linda Harris, Chance Harris and their companies, CDH 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 Investments, LLC (CDH Forex) and CDH Global Holdings, LLC (CDH Global), all of Flower Mound, Texas, for fraud in connection with the operation of a commodity pool and managed accounts trading off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term foreign currency (forex) contracts.
The default judgment order requires Linda Harris, Chance Harris, CDH Forex, and CDH Global jointly and severally to first pay $1,361,897 to defrauded customers as restitution for their losses and then pay $4,085,691 as a civil monetary penalty. The order also permanently prohibits them from engaging in any commodity- and forex-related activity and from registering with the CFTC. The order, entered on June 12, 2012, by Senior Judge Royal Furgeson of the U.S. District Court for the Northern District of Texas, stems from a CFTC complaint filed on October 25, 2011, that charged the defendants with fraudulent solicitation, misappropriation, and misrepresentation to pool participants and regulatory organizations in a multi-million dollar forex scheme (see CFTC press release 6127-11, October 25, 2011).
The CFTC complaint also charged the defendants with concealing their fraud by issuing false account statements to pool participants regarding the profitability of their investments. Linda Harris, CDH Forex, and CDH Global also were charged with making false statements and submitting falsified bank and account trading statements to the National Futures Association (NFA). The order finds defendants with fraudulent solicitation, misappropriation, and misrepresentation to pool participants and regulatory organizations in a multi-million dollar forex scheme liable as to all violations alleged in the CFTC’s complaint.
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order imposing more than $5.4 million in restitution and a civil monetary penalty on defendants Linda Harris, Chance Harris and their companies, CDH 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 Investments, LLC (CDH Forex) and CDH Global Holdings, LLC (CDH Global), all of Flower Mound, Texas, for fraud in connection with the operation of a commodity pool and managed accounts trading off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term foreign currency (forex) contracts.
The default judgment order requires Linda Harris, Chance Harris, CDH Forex, and CDH Global jointly and severally to first pay $1,361,897 to defrauded customers as restitution for their losses and then pay $4,085,691 as a civil monetary penalty. The order also permanently prohibits them from engaging in any commodity- and forex-related activity and from registering with the CFTC. The order, entered on June 12, 2012, by Senior Judge Royal Furgeson of the U.S. District Court for the Northern District of Texas, stems from a CFTC complaint filed on October 25, 2011, that charged the defendants with fraudulent solicitation, misappropriation, and misrepresentation to pool participants and regulatory organizations in a multi-million dollar forex scheme (see CFTC press release 6127-11, October 25, 2011).
The CFTC complaint also charged the defendants with concealing their fraud by issuing false account statements to pool participants regarding the profitability of their investments. Linda Harris, CDH Forex, and CDH Global also were charged with making false statements and submitting falsified bank and account trading statements to the National Futures Association (NFA). The order finds defendants with fraudulent solicitation, misappropriation, and misrepresentation to pool participants and regulatory organizations in a multi-million dollar forex scheme liable as to all violations alleged in the CFTC’s complaint.