Aden Rusfeldt, of Dickinson, Texas, is facing charges of fraud related to foreign currency (forex) futures transactions, the U.S. Commodity Futures Trading Commission (CFTC) announced on April 2, 2007. The CFTC filed a complaint in the Southern District of Texas alleging a scheme to defraud retail investors.
According to the complaint, Rusfeldt and his firm, Rusfeldt Investments LLP, fraudulently solicited customers through the website www.easytrading.biz beginning in at least October 2005. Rusfeldt allegedly made false claims to potential investors, promising substantial profits with minimal risk, and touting a successful trading history.
However, the CFTC alleges that customers actually suffered losses exceeding $1.5 million during the period in question. Furthermore, the complaint states that Rusfeldt misrepresented his compensation structure. While the website implied he was only paid on profitable trades, he and his firm allegedly received commission rebates on *all* trades, regardless of outcome.
Rusfeldt and Rusfeldt Investments LLP also failed to disclose Rusfeldt’s actual trading record, which was reportedly losing, and the commission rebates he received. The CFTC argues that Rusfeldt Investments LLP is liable for Rusfeldt’s fraudulent actions as his employer, and that Rusfeldt is liable for the firm’s fraud as its controlling person.
Judge Samuel B. Kent of the U.S. District Court for the Southern District of Texas, Galveston Division, issued a restraining order on March 13, 2007, preventing the defendants from destroying relevant records. A preliminary injunction was issued on March 21, 2007, barring Rusfeldt and his firm from engaging in any commodity interest trading. A supplemental hearing was scheduled for April 13, 2007.
The CFTC is seeking preliminary and permanent injunctions, restitution for customer losses, and monetary penalties as part of its ongoing litigation. The case is being pursued by CFTC staff members Christine Ryall, Patricia Gomersall, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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