Forex ponzi texas. The US Commodity Futures Trading Commission has charged Willie L. Cloud, Jr. and his investment company C & R Financial, both of Houston, Texas, with operating a Ponzi scheme in connection with foreign currency trading. The CFTC's complaint, filed on 4 March , alleges that, since at least April.

Forex ponzi texas

Why Day Trading Forex Is A Scam

Forex ponzi texas. Jeremiah C. Glaub) of Atoka, Okla., and his company, Longbranch Group International LLC (a.k.a. Longbranch LLC) (Longbranch) of Houston, Texas. The CFTC charged Yancy and Longbranch with operating a million dollar foreign currency (forex) Ponzi scheme and misappropriating customer funds (see.

Forex ponzi texas

Allegedly, the defendants promised several customers that they would each have personal accounts at a registered futures commission merchant, through which defendants would trade forex for them. The defendants allegedly lured customers with promises of doubling or tripling their investments within a year through forex trading gains. Defendants allegedly returned approximately USD36, to customers as redemption of principal and purported profits. Because the defendants lost a substantial portion of customer funds in forex trading, the complaint alleges that the redemptions and purported profits came from the principal invested by existing or subsequent customers, thus constituting a Ponzi scheme.

On 9 March , the Honourable Gray H. In the continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties and a permanent injunction prohibiting further violations of the federal commodities laws.

Texas resident charged with operating forex Ponzi scheme. Get the free daily newsletter. How to monitor, measure and manage liquidity risk Mon, Does regulation need to be painful? How workflow can improve a hedge fund Thu, Cayman on the International Stage Mon, LP insights on alternative investing Tue, Luxembourg Fund Services Thu, Mining Investment Europe Wednesday, December 6, - Mining Investment North America Thursday, December 7, - Real Estate Fund Investing.

Monday, December 11, - Hedge Fund Operational Forum. Wednesday, January 31, - The Cayman Alternative Investment Summit.

Thursday, February 8, - Regulations and Operational Compliance for Funds.


7 8 9 10 11