Alex Vladimir Ekdeshman of Holmdel, New Jersey, along with EJS Capital Management, LLC, and Edward J. Servider, have been accused of a $2 million retail foreign currency (forex) fraud scheme, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on May 1, 2014. U.S. District Court Judge Kevin P. Castel issued a restraining order on May 1, 2014, freezing assets and preventing the destruction of records.
The CFTC alleges that between April 2013 and May 2014, the defendants fraudulently solicited funds from at least 90 retail customers. The complaint details the misappropriation of almost all customer funds for personal expenses, including vacations, vehicle leases, alcohol, salaries, and office rent. False account statements were allegedly issued, falsely reporting profits from forex trading when no actual trading occurred.
This isn’t Ekdeshman’s first run-in with the CFTC. The agency notes he was previously charged with solicitation fraud and misappropriating customer funds in 2013, violating a prior court order prohibiting him from engaging in similar activities. That earlier case, CFTC v. Paramount Management, LLC and Alex Vladimir Ekdeshman, involved a scheme that defrauded approximately 110 customers out of $1.3 million.
Also named in the complaint are Relief Defendants Alisa Ekdeshman (Ekdeshman’s wife), Executive Services of Florida LLC, Executive Management Services of Montana Inc., and Michael Vilner, accused of receiving funds with no legitimate claim. None of the defendants or relief defendants were registered with the CFTC.
The CFTC is seeking disgorgement of ill-gotten gains, restitution for defrauded customers, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws. A hearing on the CFTC’s motion for a preliminary injunction is scheduled for May 12, 2014. The U.S. Attorney’s Office also initiated a criminal action on May 2, 2014, details of which were not immediately available.
Source: CFTC.gov
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