Action against Defendants, an individual and his companies, in connection with an alleged fraudulent hiring process, fraudulent misrepresentations, and misuse of trader funds.  According to the CFTC, Defendants fraudulently solicited individuals to become forex traders by making false statements on online employment-related websites that Defendants required traders to pay a “risk deposit” and that Defendants would match the deposits with company funds in proprietary trading accounts and share a portion of the profits from trading with the traders and to pay bonuses tied to performance.  The CFTC further alleges that Defendants falsely stated that Defendant individual had earned significant income in the forex market and had extensive assets he was using to start up his proprietary trading companies, failed to disclose his criminal background, failed to establish live trading accounts for traders at an overseas trading company and failed to split the profits from those accounts with the traders as promised, used risk deposits for purposes other than trading, and refused to return traders’ funds. 

CFTC Press Release