----BREAKING NEWS --------BREAKING NEWS ----

The CFTC Files Charges Against FuturesFX for Alleged FX Scam | Finance Magnates

Home » The CFTC Files Charges Against FuturesFX for Alleged FX Scam | Finance Magnates

The Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Canadian resident Simon Jousef and his business FuturesFX for an alleged foreign exchange (forex) scam.

The US regulator filed the lawsuit in the U.S. District Court for the Southern District of New York. The CFTC has charged the defendants with fraudulently soliciting people to subscribe to a trading system, which they claimed included a “live” forex and commodity futures online trading room, educational videos and online support.

London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now

“The defendants allegedly charged members up to approximately $9,000 to receive this access to the trading system.  The CFTC’s complaint alleges that, as a result of the fraudulent solicitation scheme, the defendants received approximately $1.3 million in subscription fees from more than 300 members located in the United States and other countries,” the statement said.

Jousef and FuturesFX have also been charged by the United States regulator with making false or misleading statements to the National Futures Association (NFA) when submitting annual CTA registration updates concerning FuturesFX’s predecessor company.

Suggested articles

Weathering the Storm: How CMS Prime has Stayed Ahead of the Game in 2019Go to article >>

In particular, the CFTC complaint states that between at least the 1st of July 2014 until around the end of January 2016, the defendants promoted and sold access to the trading system, which they did so fraudulently.

CFTC: Jousef and FuturesFX mislead consumers

Some of the tactics they used, according to the regulator, was making false or misleading statements and ommissions on the company’s websites and in email advertisements. This includes claims that Jousef was trading forex and commodity futures in a live trading room, when in fact, he never actually traded and only made hypothetical or simulated trades.

The defendants also allegedly claimed that Jousef’s traders were profitable, however, as he never made any trades, this is false. In addition, false and misleading statements were made about Jousef’s experience with trading, including that Jousef was registered with the CFTC as a commodity trading advisor (CTA) when, in fact, he was not.

The watchdog is seeking a number of measures against Jousef and his business FuturesFX. These are the return of ill-gotten gains, restitution to defrauded customers, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws, the statement said.

American Crypto Association Exclusives!

Bookmark the site and sign up for relevant alerts, trading tips, masternode updates and important news hosted within our exclusive newsletter. Valued at $3,588, we are offering this service free for one year!

Get onboard now!

Exclusive Newsletter!

Sign up for exclusive trading tips, masternode updates and important news hosted within our newsletter!
!
!
Terms and Conditions checkbox is required.
Something went wrong. Please check your entries and try again.
Scroll to Top