FEDERAL COURT FREEZES ASSETS OF FIVE FLORIDA FOREIGN CURRENCY (FOREX) BOILER ROOMS AND FIVE INDIVIDUALS CHARGED WITH DEFRAUDING CUSTOMERS OF OVER $17 MILLION; U.S. Commodity Futures Trading Commission Charges Fraudulent Solicitation of Customers to Trade Foreign Currency Options Contracts By Defendants World Market Advisors, Inc., U.S. Capital Management, Inc., United Equity Group, Inc., Liberty One Advisors, LLC, Lighthouse Capital Management, LLC, Jason T. Dean, Steven D. Knowles, Paul F. Plunkett, Joseph D. Valko and Jeffrey Paul Jedlicki; Universal Options, Inc., Qualified Leverage Providers, Inc. and Safeguard FX, LLC Also Charged With Liability As Principals; Complaint Charges More Than 96 Percent of Customers Lost Money While Paying Defendants $8.6 Million in Commission Fraud

CFTC release 5092-05 · 2005-06-29 · view on cftc.gov ↗

Key facts

Release number: 5092-05
Release date: 2005-06-29
Type: Fraud
Primary source: https://www.cftc.gov/PressRoom/PressReleases/5092-05

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.