# CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations

> CFTC release 7622-17 · 2017-09-30 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 7622-17
- **Release date:** 2017-09-30
- **Type:** Ponzi scheme
- **Title:** CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7622-17

## 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 7622-17, "CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations", 2017-09-30. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/cftc-action/7622-17.

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