# 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

> CFTC release 4825-03 · 2003-07-30 · **Fraud** · ENFORCEMENT

## Key facts

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

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 4825-03, "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", 2003-07-30. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/cftc-action/4825-03.

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