QuantX & Jonathan Parker Fined $1m For Retail Forex Fraud Scheme

A company claiming to be a retail foreign 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 commodity pool, QuantX and its owner Jonathan Parker from Georgia, have been fined over $1 million by the U.S. Commodities Futures Trading Commission (CFTC). The operator of the scheme successfully solicited over $340,000 from at least 8 victims.

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In order to convince the clients to entrust him with their funds, the operator of the 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 scheme claimed that he will be using the investments to engage in off-exchange retail forex transactions. After receiving the funds between 2010 and 2015 via his company QuantX, Parker instead misappropriated the money.

None of the funds that were solicited from investors were deposited into the pooled account

The CFTC order requires that Parker and his company pay a civil monetary penalty totaling $680,000 and restitution amounting to $341,500. Both companies will receive permanent trading and registration bans, with Parker actually being a former CFTC registrant. He is the owner, CEO and President of QuantX and as such is fully liable for the activities of the firm.

None of the funds that were solicited from investors were deposited into the pooled account that Parker claimed would be used to execute forex trades. He proceeded to produce false statements to his customers.

The order issued by the CFTC does not warrant the victims of such schemes the repayment of their funds. Many times the wrongdoers do not hold sufficient funds or assets to cover the losses of their clients. Investors are strongly encouraged to conduct thorough due diligence before committing their funds to investment companies.