{"id":80670,"date":"2022-02-08T00:16:14","date_gmt":"2022-02-08T05:16:14","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=80670"},"modified":"2022-02-08T00:15:29","modified_gmt":"2022-02-08T05:15:29","slug":"cftc-charges-florida-based-entities-and-individuals-with-multi-million-dollar-futures-and-forex-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2022\/cftc-charges-florida-based-entities-and-individuals-with-multi-million-dollar-futures-and-forex-fraud.html","title":{"rendered":"Florida-Based Entities and Individuals Charged with Multi-Million Dollar Futures and Forex Fraud"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Commodity Futures Trading Commission has announced that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against&nbsp;<strong>The W Trade Group LLC<\/strong>,&nbsp;<strong>Larry Ramos Mendoza<\/strong>&nbsp;of Miami, Florida, and&nbsp;<strong>Joseph Carvajales<\/strong>&nbsp;also of Miami, Florida, charging them with fraud and misappropriation of over <strong>$19 million<\/strong> involving futures, forex and options.<\/p>\n\n\n\n<p>In the on-going litigation, the CFTC seeks restitution, disgorgement, civil monetary penalties, trading and registration bans, and injunctions against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.<\/p>\n\n\n\n<p><strong>Case Background<\/strong><\/p>\n\n\n\n<p>The complaint alleges that W Trade Group LLC, acting under Ramos\u2019 control, operated a long-running scheme from approximately June 2013 through June 2020 that defrauded futures, forex, and options customers. W Trade Group and Ramos are alleged to have misappropriated more than $19 million from at least 220 customers. In order to further this scheme, W Trade Group and Ramos allegedly sent false account statements to customers electronically showing purported profits and trading activity, when in fact none existed.&nbsp;<\/p>\n\n\n\n<p>The complaint also states that Carvajales, in conjunction with W Trade Group and Ramos, fraudulently solicited customers for the fraudulent scheme by making false claims such as the existence of a sophisticated trading algorithm, and limited downside risk.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Commodity Futures Trading Commission has announced that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against&nbsp;The W Trade Group LLC,&nbsp;Larry Ramos Mendoza&nbsp;of Miami, Florida, and&nbsp;Joseph Carvajales&nbsp;also of Miami, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-80670","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80670","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=80670"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80670\/revisions"}],"predecessor-version":[{"id":80672,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80670\/revisions\/80672"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=80670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=80670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=80670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}