US CFTC charges All City Investments with soliciting clients into forex fraud, failing to register a

Discussion in 'Wall St. News' started by mlawson71, Sep 25, 2016.

  1. mlawson71

    mlawson71

    The US Commodity Futures Trading Commission (CFTC) said on Thursday it has filed with the US District Court for the Southern District of New York a civil enforcement action against All City Investments LLC and its principal Jamal Y. Vance in relation to an off-exchange forex contracts fraud. The company and its controlling person have also been charged with failure to register as a Commodity Trading Advisors (CTAs) with the regulator as is required by law.
    Moreover, in order to induce customers into having All City Investments as their CTA, the company presented fake graphs with historic performance.

    https://smnweekly.com/2016/09/23/us...-into-forex-fraud-failing-to-register-as-cta/
     
  2. zdreg

    zdreg

    what is interesting about this alleged particular fraud?
     
  3. mlawson71

    mlawson71

    Different scammers use different methods, I found the fake graphs detail interesting because I wondered how come people fell for it without double-checking this information on their own.