The Commodity Futures Buying and selling Fee right now filed a grievance within the U.S. District Courtroom for the Northern District of Georgia in
The Commodity Futures Buying and selling Fee right now filed a grievance within the U.S. District Courtroom for the Northern District of Georgia in opposition to Silver Star FX, LLC d/b/a Silver Star Reside (SSL), a former New Mexico restricted legal responsibility firm, Silver Star Reside Software program LLC (SSLS), a Florida restricted legal responsibility firm, and David Wayne Mayer of Roswell, Georgia. The grievance expenses all three defendants with gross sales solicitation fraud and failing to register with the CFTC.
The grievance alleges that from no less than July 2018 to March 2019, the defendants fraudulently solicited prospects to open discretionary buying and selling accounts and provided to commerce these accounts by means of a completely automated retail overseas foreign money (foreign exchange) buying and selling software program system that Mayer created. Mayer used the pseudonym “Quicksilver” to behave as an unregistered related particular person and to solicit shoppers by means of movies posted on-line, on social media, and at in-person advertising and marketing occasions. The solicitations contained materials misrepresentations and omissions relating to Mayer’s {qualifications} and buying and selling expertise. Moreover, the defendants misrepresented the foreign currency trading system’s efficiency historical past and the anticipated buying and selling earnings. The defendants additionally did not disclose that Mayer by no means opened a dwell buying and selling account utilizing the foreign currency trading system.
Associated CFTC Enforcement Motion
In a earlier, associated case, the CFTC discovered that SSL and SSLS acted as unregistered commodity buying and selling advisors, and that two former officers acted as unregistered related individuals of each SSL and SSLS. [See CFTC Press Release No. 8071-19]
The Division of Enforcement employees members accountable for this case are James A. Garcia, Michael Loconte, Erica Bodin, Aimée Latimer-Zayets, and Rick Glaser.
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CFTC’s Overseas Forex (Foreign exchange) Fraud Advisory
The CFTC has issued a number of buyer safety Fraud Advisories that present the warning indicators of fraud, together with the Overseas Forex (Foreign exchange) Buying and selling Fraud Advisory, to assist prospects establish this type of rip-off.
The CFTC additionally strongly urges the general public to confirm an organization’s registration with the Fee earlier than committing funds. If unregistered, a buyer must be cautious of offering funds to that entity. An organization’s registration standing might be discovered utilizing NFA BASIC.
Prospects and different people can report suspicious actions or info, akin to potential violations of commodity buying and selling legal guidelines, to the Division of Enforcement by way of a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or grievance on-line.