PLAINVIEW, NY – August 10, 2006 – Anthony M. Frisone has been found liable for defrauding customers in a foreign currency (forex) futures scheme, according to a consent order entered by Judge Thomas C. Platt of the U.S. District Court for the Eastern District of New York on July 21, 2006.
The U.S. Commodity Futures Trading Commission (CFTC) initially filed an enforcement action against Frisone, along with Windsor Forex Trading Corp. (WFTC), in 2005. The complaint alleged that Frisone and WFTC engaged in fraudulent solicitation of customers seeking to trade forex futures contracts.
Between December 2002 and March 2004, Frisone and WFTC allegedly solicited approximately $327,000 from 20 retail customers to open accounts with COES FX Clearing, Inc. (COESfx). These solicitations included false promises of steady profits and minimized trading risks, the CFTC claimed.
Ultimately, the 20 customers lost a total of $246,601.92 as a result of their investments with Frisone and WFTC. COESfx was held liable as a principal for the actions of WFTC, and is required to pay $246,601 in restitution to the defrauded customers. The consent order establishes a permanent injunction against COESfx.
The CFTC’s investigation was led by Christine Ryall, Stephen Morris, Patricia Gomersall, Paul Hayeck, and Joan Manley of the Division of Enforcement.
Source: CFTC.gov
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