FEDERAL COURT FREEZES ASSETS OF INTERNATIONAL FOREIGN CURRENCY, INC. AND ITS EXECUTIVES IN COMMODITY FUTURES TRADING COMMISSION FOREIGN CURRENCY FRAUD CASE; Defendants Thomas Qualls, Michael Kourmolis and Their Company Charge with Defrauding Customers and Selling Illegal Foreign Currency Futures Contracts to the Public Fraud

CFTC release 4825-03 · 2003-07-30 · view on cftc.gov ↗

Key facts

Release number: 4825-03
Release date: 2003-07-30
Type: Fraud
Primary source: https://www.cftc.gov/PressRoom/PressReleases/4825-03

About CFTC enforcement

The CFTC charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and commodity-pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension. Crypto-asset cases have been a major share since 2019.