{"id":78610,"date":"2021-06-25T01:27:23","date_gmt":"2021-06-25T05:27:23","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=78610"},"modified":"2021-06-25T01:27:23","modified_gmt":"2021-06-25T05:27:23","slug":"cftc-charges-texas-man-and-his-company-with-forex-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2021\/cftc-charges-texas-man-and-his-company-with-forex-fraud.html","title":{"rendered":"CFTC Charges Texas Man and His Company with Forex Fraud"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Commodity Futures Trading Commission announced today that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Texas against <strong>Troy Mason<\/strong> of Houston, Texas and his Texas-based company, <strong>ZTegrity, Inc.<\/strong>, charging them with fraudulent solicitation and failing to register with the CFTC as required by the Commodity Exchange Act (CEA).<\/p>\n\n\n\n<p>On June 10, 2021 the court entered a restraining order freezing assets and requiring the preservation of documents.<\/p>\n\n\n\n<p>In its continuing litigation, the CFTC seeks full restitution to defrauded clients, disgorgement of any ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against further violations of the CEA, as charged.<\/p>\n\n\n\n<p><strong>Case Background<\/strong><\/p>\n\n\n\n<p>The complaint alleges that from at least October 2019 to the present the defendants used various websites and social-media platforms to fraudulently market their forex trading pool as a version of a savings account that offered a greater yield with similarly low or no risk. The defendants called this forex trading pool \u201cThe Black Club\u201d and \u201cThe Forex Savings Club,\u201d which their website claimed had received over $460,000 from 411 participants.<\/p>\n\n\n\n<p>The complaint further alleges the defendants induced participation in their forex trading pool by falsely claiming to \u201cguarantee\u201d to repay participants the funds they contributed to their individual \u201cForex Savings Accounts\u201d and falsely offered participants \u201cwith a 100% certainty\u201d portions of the \u201csubstantial profit[s]\u201d to be generated using participants\u2019 pooled funds to trade forex. Rather, as alleged in the complaint, the defendants knew or recklessly failed to appreciate that no forex trader can guarantee profitable trading, or the avoidance of losses required to guarantee all participants\u2019 contributions, and knew, but failed to inform participants that they had no U.S.-based forex trading accounts.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Commodity Futures Trading Commission announced today that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Texas against Troy Mason of Houston, Texas and his Texas-based company, ZTegrity, Inc., charging [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-78610","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=78610"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78610\/revisions"}],"predecessor-version":[{"id":78611,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78610\/revisions\/78611"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=78610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=78610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=78610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}