CFTC Charges Florida Resident Jeremy M. Globe and his Company, GlobeFX Club, Inc., with Making False Statements to the National Futures Association
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action charging defendants Jeremy Munson Globe and GlobeFX Club, Inc. (GFC), both of Homestead, Fla., with making false, fictitious or fraudulent statements or omissions to the National Futures Association (NFA) during an NFA investigation and audit. Both Globe, a principal of GFC, and GFC were registered with the CFTC during the period covered by the NFA audit. On October 1, 2009, NFA permanently barred GFC from NFA membership.

CFTC Charges Florida Couple and their Company, Queen Shoals Consultants, LLC, with Defrauding Foreign Currency Customers of More than $1.44 Million
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it charged Gary D. Martin and his wife, Brenda K. Martin of St. Augustine, Fla. (collectively, the Martins), and their company, Queen Shoals Consultants, LLC (QSC), of Charlotte, N.C., with defrauding customers of more than $1.44 million through a retail foreign currency (forex) trading scheme. None of the defendants has ever been registered with the CFTC.
The complaint, filed in the U.S. District Court for the Western District of North Carolina on March 15, 2011, alleges that, since at least June 18, 2008, to August 7, 2009, the defendants fraudulently solicited approximately $22,310,452 from individuals and/or entities purportedly to trade off-exchange forex contracts. The defendants allegedly solicited customers to trade forex and other financial instruments, using in-person solicitations, written materials, QSC’s website www.queenshoalsconsultants.com and third-party agents they called “consultants.”

Federal Court in North Carolina Orders Dennis Todd Hagemann and Yellowstone Partners, Inc. to Pay More than $1.6 Million for Defrauding Investors in a Foreign Currency Ponzi Scheme
Thu, 10 Mar 2011 11:20:00 -0600
The CFTC obtained a federal default judgment order requiring defendants Dennis Todd Hagemann and his company, Yellowstone Partners, Inc., both of Raleigh, N.C., to pay more than $1.6 million in restitution and civil monetary penalties for defrauding investors in a foreign currency Ponzi scheme.

CFTC Charges Jacob Juma Omukwe and his Companies with Solicitation Fraud and Misappropriation in $3 Million Foreign Currency Scheme
The CFTC filed a complaint in the U.S. District Court for the Western District of Wisconsin charging defendants Jacob Juma Omukwe, JadeFX Ltd. and Jade Investments Group, LLC, all of Wisconsin Dells, Wis., with operating a fraudulent off-exchange retail foreign currency scheme.

Hi everyone

This is an update of the blog posts published here on February 16th and January 27th:
3 Weeks After, None of the 14 Forex Broker Firms Has Responded To CFTC Lawsuit
Forex Fraud - CFTC Sues 14 Foreign Currency Firms in Nationwide Sweep

I just had another nice conversation over the e-mail with Elan Mendel, Associate at THE SHIPKEVICH LAW FIRM, to update me about the situation of the suit by the CFTC against 14 Forex Brokers in the US announced last January 26th 2010.

Last time I spoke with Elan, he told me that none of the 14 firms has formally responded to the lawsuits against them yet. Only one company, FX Price, had reached an agreement with the CFTC to cease and desist pending resolution of the lawsuit, meanwhile Wall Street Brokers was supposed to appear in court on February 2nd, but it did not.

Here you have the latest update I’ve got about the case:

“For those cases that have apparent deadlines in the public records, the time to respond for all of these defendants has passed. However, none of these defendants has filed an Answer in its respective lawsuit. Therefore, the courts have entered a default in 5 of these cases (GIGFX, LLC; Prime Forex, LLC; Kingdom Forex Trading and Futures, Ltd.; EuroForex Development LLC; and ForInvest, Inc.). The CFTC will likely next seek a default judgment against these defendants to fix the amount of damages and other relief awarded to the regulator.

In one case worth noting, against InovaTrade, Inc., the agent sent by the CFTC to serve the summons and complaint upon the defendant was unable to do so. The agent submitted an affidavit to the court stating that “On January 27, 2011, [she] offered to hand Michael Alcocer, CEO of InovaTrade, Inc., a UPS box from the U.S. Commodity Futures Trading Commission addressed to InovaTrade, Inc. Mr. Alcocer refused to receive the UPS box…Mr. Alcocer terminated InovaTrade, Inc.’s virtual office space contract for the space at 1395 Brickell Ave., Suite 800, Miami, Florida on January 27, 201, after refusing the UPS package.”

It seems as though InovaTrade is attempting to escape service of the lawsuit. It will be interesting to see how this case unfolds.”

Once again, thanks Elan for keeping us updated!

Francesc

Arizona Federal Court Imposes More than $1.1 Million in Restitution and Monetary Sanctions on Helmut H. Weber, Charged with Fraud and Misappropriation in Foreign Currency Scheme
The CFTC obtained a federal court order imposing more than $1.1 million in restitution and civil monetary penalties on Helmut H. Weber, of Scottsdale, Ariz., for operating a fraudulent off-exchange foreign currency (forex) scheme from at least June 2008 through January 2009.

CFTC Charges Florida Resident David L. Ortiz and his Companies, Goyep International, Inc. and Royal Returns, Inc., with Defrauding Customers in an Off-Exchange Foreign Currency Scam
The CFTC filed an anti-fraud enforcement action against defendants David L. Ortiz of Vero Beach, Fla., and his companies, Goyep International, Inc., of Vero Beach, Fla., and Royal Returns, Inc., of Hollywood, Fla., charging them with operating a fraudulent off-exchange foreign currency (forex) scheme that accepted funds totaling at least $420,000 from at least 10 customers.

CFTC Seeks to Revoke the Registrations of Texas-based M25 Investments, Inc. and M37 Investments, LLC
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a Notice of Intent to Suspend, Revoke or Restrict the Registrations (Notice) of M25 Investments, Inc. (M25) and M37 Investments, LLC (M37), registered Commodity Trading Advisors of Waxahachie, Texas.

CFTC Charges Missouri Resident Randall L. Stuckey and His Three Business Entities with Soliciting at Least $2.8 Million from Customers in Foreign Currency (Forex) Futures Fraud
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an anti-fraud civil lawsuit charging defendants Randall Lynn Stuckey of St. Peters, Mo., and his Missouri-based business entities, Stuckey Group, L.P., Stuckey Group II, L.P. and Oakwood Development Company L.P. (collectively, the Stuckey Common Enterprise) with operating an illegal off-exchange foreign currency (forex) scheme that defrauded more than 65 customers out of at least $2.8 million.

CFTC Obtains Asset Freeze against Keith Simmons, Deanna Salazar, Bryan Coats, Jonathan Davey and Their Companies, Charged in $35 Million Foreign Currency Ponzi Scheme
Defendants charged with solicitation fraud and misappropriation of customer funds.
Washington, DC – The Commodity Futures Trading Commission (CFTC) announced that it obtained a federal court order freezing the assets held by defendants Keith F. Simmons of West Jefferson, N.C., Bryan Coats of Clayton, N.C., Jonathan Davey of Newark, Ohio, and numerous corporate entities controlled by them. The order also prohibits the destruction of books and records and schedules a hearing on the CFTC’s motion for a preliminary injunction for February 23, 2011. Previously, on January 19, 2011, the court issued a consent order freezing the assets of defendants Deanna Salazar and Life Plus Group, LLC and relief defendant Lawrence Salazar.