On July 10, the U.S. Commodity Futures Buying and selling Fee (CFTC) introduced a court docket order of default judgment in its case in opposition to Joshua Christian McDonald and his firm, Perfection PR Agency LLC (PPR). The default judgment order finds that McDonald and PPR dedicated fraud, misappropriated buyer funds, and operated with out correct registration. McDonald and PPR should pay $360,565 in restitution to defrauded clients and a civil financial penalty of $935,907.
The CFTC charged McDonald and PPR with fraud and misappropriation in relation to an off-exchange international foreign money (foreign exchange) buying and selling scheme. The CFTC claims that McDonald and PPR solicited funds totaling at the least $440,000. In doing so, the CFTC says PPR acted as an unregistered commodity pool operator, and McDonald acted as an unregistered Related Individual of PPR. The CFTC additional alleges that McDonald and PPR misrepresented their success in buying and selling foreign exchange to potential clients. Moreover, the CFTC alleges that McDonald and PPR misappropriated clients’ funds in a number of methods, together with utilizing them to pay for McDonald’s private bills.
On August 6, the CFTC Whistleblower Program posted a Discover of Coated Motion in reference to the case. This discover informs people who supplied details about the fraud to the CFTC, to submit a whistleblower awards declare. Eligible CFTC whistleblowers are entitled to a financial award amounting to 10-30% of the cash recovered by the Fee within the case. People who voluntarily submit authentic info that results in a profitable enforcement motion are eligible for whistleblower awards.
Learn:
The CFTC Press Launch on the Case: Federal Courtroom Orders Defendants to Pay Practically $1.three Million in Foreign exchange Fraud Scheme | CFTC
The Discover of Coated Motion: https://www.whistleblower.gov/notices/2020-010