# Federal Court Orders New York Firm 4X Solutions, Inc. and Its Principal, Whileon Chay, to Pay More than $10 Million in Disgorgement and a Civil Monetary Penalty for Forex Fraud Ponzi Scheme

> CFTC release 7321-16 · 2016-02-09 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 7321-16
- **Release date:** 2016-02-09
- **Type:** Fraud
- **Title:** Federal Court Orders New York Firm 4X Solutions, Inc. and Its Principal, Whileon Chay, to Pay More than $10 Million in Disgorgement and a Civil Monetary Penalty for Forex Fraud Ponzi Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7321-16

## 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 7321-16, "Federal Court Orders New York Firm 4X Solutions, Inc. and Its Principal, Whileon Chay, to Pay More than $10 Million in Disgorgement and a Civil Monetary Penalty for Forex Fraud Ponzi Scheme", 2016-02-09. Retrieved via AI Analytics 2026-07-03 from https://api.ai-analytics.org/cftc-action/7321-16.

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