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CFTC Enforcers File 11 New Suits in Fight Against Forex Fraud
It's been a busy week for lawyers in the Commodity Futures Trading Commission enforcement division, who filed 11 suits cracking down on illegal activity in the foreign currency market.
The CFTC yesterday sued Jeffrey Liskov and his company, EagleEye Asset Management, in Massachusetts federal court, alleging he defrauded at least one customer of more than $3 million in retirement funds while trading off-exchange foreign currency contracts, or forex.
According to the CFT C, Liskov “failed to inform the customer that he was an unsuccessful forex trader and that forex trading is highly volatile and extremely risky.” The complaint further alleges that Liskov engaged in unauthorized trading of the customer’s accounts, misappropriated funds, and forged the customer’s signatures on wire transfer and account opening documents.
The CFTC is also going after 11 firms for illegally soliciting members of the public to engage in forex transactions and for operating without being registered with the CFTC.
The CFTC filed 10 suits in Illinois, New York, Utah, and Wyoming federal courts seeking preliminary injunctions to shut down the defendants until they comply with agency regulations. The complaints also seek civil monetary penalties, trading and registration bans, disgorgement, and rescission.
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