CFTC Charges ROFX and 5 Promoters for $58 Million FX Fraud

The Commodity Futures Trading Commission (CFTC) has continued its bust against fraudulent investment schemes and recently filed a civil enforcement action against five individuals and five companies for a massive
 
 forex 
fraud, involving at least $58 million.

Announced on Friday, the complaint filed at a Florida court includes charges of fraud, misappropriation of funds, and registration violation.
The five named individuals named in the complaint are Jase Davis, Borys Konovalenko, Anna Shymko, Alla Skala, and Timothy Stubbs, all of whom are United States residents. The named companies are Notus LLC, Easy Com LLC, Global E-Advantages LLC, Grovee LLC, and Shopostar LLC, but all of them were operating under the brand ROFX.

Operating as ROFX

The complaint further alleged that the individuals and the companies were operating between January 2018 and September 2021. They operated from the ROFX.net website and claimed to be utilizing a ‘highly successful automated trading robot with guaranteed coverage of losses’.

They targeted customers from both the United States and overseas. Over 1,100 customers opened trading accounts with the platform. It is charged for fraudulently soliciting and misappropriating at least $58 million.

“As alleged, the defendants received at least $58 million from customers during the relevant period, all of which the defendants misappropriated by wiring to non-trading corporate entities in Poland, Thailand, and elsewhere, as well as to the individual defendants themselves,” the regulatory announcement stated.

“The complaint also alleges that the companies acted as futures commission merchants by doing business as ROFX, soliciting or accepting orders for retail forex transactions via the ROFX website, and accepting funds in or in connection with such transactions without being registered with the
 
 CFTC 
.”

The regulator is now seeking restitution to the defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions against further violations.

The Commodity Futures Trading Commission (CFTC) has continued its bust against fraudulent investment schemes and recently filed a civil enforcement action against five individuals and five companies for a massive
 
 forex 
fraud, involving at least $58 million.

Announced on Friday, the complaint filed at a Florida court includes charges of fraud, misappropriation of funds, and registration violation.
The five named individuals named in the complaint are Jase Davis, Borys Konovalenko, Anna Shymko, Alla Skala, and Timothy Stubbs, all of whom are United States residents. The named companies are Notus LLC, Easy Com LLC, Global E-Advantages LLC, Grovee LLC, and Shopostar LLC, but all of them were operating under the brand ROFX.

Operating as ROFX

The complaint further alleged that the individuals and the companies were operating between January 2018 and September 2021. They operated from the ROFX.net website and claimed to be utilizing a ‘highly successful automated trading robot with guaranteed coverage of losses’.

They targeted customers from both the United States and overseas. Over 1,100 customers opened trading accounts with the platform. It is charged for fraudulently soliciting and misappropriating at least $58 million.

“As alleged, the defendants received at least $58 million from customers during the relevant period, all of which the defendants misappropriated by wiring to non-trading corporate entities in Poland, Thailand, and elsewhere, as well as to the individual defendants themselves,” the regulatory announcement stated.

“The complaint also alleges that the companies acted as futures commission merchants by doing business as ROFX, soliciting or accepting orders for retail forex transactions via the ROFX website, and accepting funds in or in connection with such transactions without being registered with the
 
 CFTC 
.”

The regulator is now seeking restitution to the defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions against further violations.

Source: https://www.financemagnates.com/forex/cftc-charges-rofx-and-5-promoters-for-58-million-fx-fraud/