CFTC
CFTC Charges Nicholas Trimble and His Two Companies with Million Dollar Forex Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colo., with fraudulently soliciting at least $1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system.
Wednesday, 09/11/2011 | 17:03 GMT by
Michael Greenberg
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
Wednesday, 02/11/2011 | 12:34 GMT by
Michael Greenberg
CFTC-SEC Statement on MF Global, hundreds of millions of client funds may be missing
- This story just keeps getting 'better' - since yesterday's post about MF's possible sale, MF has declared bankruptcy and was trying to be bough by IB. However the deal doesn't seem to go through as there are suspicions that huge amount of client funds is missing.
Tuesday, 01/11/2011 | 13:18 GMT by
Michael Greenberg
CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud
- Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.
Tuesday, 25/10/2011 | 20:36 GMT by
Michael Greenberg
CFTC releases August 2011 financial data - total US forex deposits up $19 million
- Every month or so CFTC releases financial data for its members. In the past year or so CFTC also releases the total amount of retail forex obligations for retail forex brokers (under FCMRFD and RFED statuses) which shows us how much 'retail money' is held by US forex brokers.
Tuesday, 11/10/2011 | 22:25 GMT by
Michael Greenberg
Ray White and CRW Management to pay over $19 million in forex fraud case
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained federal court consent orders resolving its remaining claims against defendants Ray M. White and CRW Management LP (CRW) and relief defendants Christopher R. White and Hurricane Motorsports, LLC, all of Mansfield, Texas.
Tuesday, 11/10/2011 | 22:01 GMT by
Michael Greenberg
CFTC Obtains Default Judgment against Barki LLC in a $38 Million Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Western District of North Carolina entered an order of default judgment and permanent injunction against Barki, LLC of Mint Hill, N.C.
Tuesday, 11/10/2011 | 21:54 GMT by
Michael Greenberg
FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems
- In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
Monday, 03/10/2011 | 18:04 GMT by
Michael Greenberg
Son of forex fraudster to pay over dad's forex ponzi scheme
- A Texas race car driver whose career was subsidized by his imprisoned father's $10.9 million Ponzi scheme agreed to give up $322,000 in ill-gotten gains on Tuesday in a suit brought by securities regulators over the scam.
Sunday, 02/10/2011 | 17:09 GMT by
Michael Greenberg
CFTC Charges Accounting Firm McGladrey & Pullen, LLP, and Partner David Shane with Failure to Properly Audit One World Capital Group
- It's extremely interesting to see CFTC taking the oversight of its members one step further by going after not only its member firms but even after their auditors - if those failed to do their job. CFTC just charged an accounting firm and one of its partners for failing to properly audit One World Capital Group - a former forex broker which ceased its operations in 2007. This adds to CFTC's aggressive pursuit of even completely foreign firms which it perceives as breaking its rules.
Friday, 23/09/2011 | 03:56 GMT by
Michael Greenberg
A new US retail forex broker is born - OptionsXpress registers as an RFED
- As expected OptionXpress has registered as an RFED with the CFTC and will soon become open for retail forex business. XPRESSTRADE, LLC (www.xtfx.com) is capitalized at $22,841,980 and already has $17,720 in retail forex customers obligations. OptionsXpress is the second 'traditional' broker to start offering retail foreign exchange after TradeStation.
Monday, 12/09/2011 | 12:43 GMT by
Michael Greenberg
CFTC Charges Jeffrey Liskov and EagleEye Asset Management with Committing a $3 Million Forex Fraud
Friday, 09/09/2011 | 04:07 GMT by
Michael Greenberg
CFTC Charges Douglas Elsworth Wilson in Multi-Million Dollar Commodity Futures and Forex Scheme
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that on August 18, 2011 a federal court in California entered an order freezing the assets of defendants Douglas Elsworth Wilson of Poway, Calif., and three California companies that he controls and manages, Elsworth Berg Capital Management LLC (EBCM), Elsworth Berg Inc., and Elsworth Berg FX LLC (collectively, Elsworth Berg). The order also prohibits the destruction of their books and records.
Tuesday, 23/08/2011 | 06:37 GMT by
Michael Greenberg
Amendments to NFA's Forex Requirements Including NFA's Jurisdiction Over Members Engaging in Forex Activities
- Basically NFA here extends its grip on more retail forex market participants than now. The Commodity Futures Trading Commission (CFTC) recently approved a number of amendments to NFA Requirements that govern the retail forex activities of NFA Members. These amendments to NFA Bylaws 301 and 306, NFA Compliance Rules 2-10, 2-36 and 2-39, Code of Arbitration Section 1 and Interpretive Notices 9053, 9058 and 9060 will become effective October 1, 2011.
Wednesday, 17/08/2011 | 10:59 GMT by
Michael Greenberg
CFTC Charges Blue Sky Capital Management and Gregory Schneider with Making False Statements to the NFA
Friday, 12/08/2011 | 05:54 GMT by
Michael Greenberg
CFTC releases Q2 2011 financial data - overall retail forex deposits are $9 million lower
- CFTC requires all its members to submit their own capital reports and for members (RFEDs and FCMs) the amount of retail forex obligations. For some reason this report wasn't made public since April and now CFTC made available the monthly reports for May, June and July. This allows us to track the amount of retail forex obligations for all US retail forex brokers.
Thursday, 11/08/2011 | 07:29 GMT by
Michael Greenberg
Federal Court Finds that Gary and Brenda Martin and Queen Shoals Consultants Defrauded Customers in Forex Scheme
Tuesday, 09/08/2011 | 13:05 GMT by
Michael Greenberg
CFTC fines FXCM UK $140,000 for acting as a counterparty to US retail forex clients
- Update: FXCM published a statement which explains why this happened - basically FXCM was caught between CFTC's and FSA's rules whereas CFTC required FXCM to shut down US accounts, FSA required FXCM to provide sufficient notice.
Wednesday, 03/08/2011 | 22:14 GMT by
Adil Siddiqui
CFTC Charges Susan G. Davis, David E. Howard II, Joseph Burgos, and their Companies with Fraud in Forex Scheme
Friday, 29/07/2011 | 05:26 GMT by
Michael Greenberg
SEC and CFTC go after fleeing forex scammer Jeffery Lowrance
- Washington, D.C., July 15, 2011 – The Securities and Exchange Commission filed fraud charges Thursday against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper.
Sunday, 17/07/2011 | 07:30 GMT by
Michael Greenberg
CFTC Obtains Default Judgment and Permanent Injunction against David L. Ortiz, Goyep International and Royal Retuerns for forex scam
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge K. Michael Moore of the U.S. District Court for the Southern District of Florida entered an order of default judgment and permanent injunction against David L. Ortiz of Vero Beach, Fla., and his companies, Goyep International, Inc. (Goyep) of Vero Beach, Fla., and Royal Returns, Inc. of Hollywood, Fla.
Wednesday, 13/07/2011 | 12:50 GMT by
Michael Greenberg
US Forex brokers profitability report for Q2 2011
- All brokers (except Tradestation) have updated their profitability numbers for the second quarter 2011. What clearly stands out is the drop in profitability experienced by clients of all brokers (with the exception of Advanced Markets - but its numbers are insignificant). On average clients' profitability dropped 4% since last quarter. When talking to brokers most of them stated the same reason for this - increased volatility during the quarter.
Monday, 11/07/2011 | 19:35 GMT by
Michael Greenberg
FXDD to continue offering non leveraged spot Gold and Silver trading
- Just like OANDA who announced two weeks ago that it will continue offering non leveraged spot metals trading FXDD too will continue offering this to its clients. It seems that US forex brokers are split between two options: discontinue spot metals trading at all (just like Gain did) or continue offering it on a non leveraged basis. Perhaps Gain rushed into a decision and will now reconsider given that two other US brokers (OANDA and FXDD) decided to keep offering this type of trading.
Friday, 08/07/2011 | 06:50 GMT by
Michael Greenberg
CFTC charges Mark Rice and Financial Robotics with forex solicitation fraud
Thursday, 07/07/2011 | 20:51 GMT by
Michael Greenberg
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