A Danish national has been charged with running a $1.5 million foreign currency (forex) fraud scheme, the Commodity Futures Trading Commission (CFTC) announced today. Casper Mikkelsen, also known under the aliases “Carsten Nielsen,” “Brian Thomson,” “Thomas Jensen,” and “Casper Muller,” allegedly defrauded at least 101 individuals and entities through a Ponzi-like operation.
According to the CFTC complaint filed in the U.S. District Court for the Southern District of New York, Mikkelsen solicited investments for a company called GNTFX, promising to trade retail leveraged forex. However, the agency alleges that Mikkelsen misappropriated client funds instead of using them for legitimate trading.
The scheme, which ran from at least 2015 to the present, involved clients depositing funds into both U.S. and overseas bank accounts, as well as through an American e-commerce company. Mikkelsen then allegedly withdrew these funds using his debit card, transferred them to overseas accounts, and ultimately diverted them to a Bitcoin address for his personal benefit. He reportedly used new investor funds to pay earlier investors, characteristic of a Ponzi scheme.
The CFTC further alleges that Mikkelsen failed to register as a commodity trading advisor, a requirement under federal law. The agency is seeking full restitution for defrauded clients, disgorgement of any ill-gotten gains, civil monetary penalties, and a permanent ban on registration and trading. They also seek a permanent injunction against future violations of commodities laws.
The CFTC acknowledged the assistance of numerous international regulatory bodies in the investigation, including agencies from Australia, Belize, the British Virgin Islands, Cyprus, the Czech Republic, Denmark, Ireland, Latvia, Malaysia, Ontario, Portugal, Singapore, and the United Kingdom. The investigation was led by CFTC staff members Xavier Romeu-Matta, Judith Slowly, Christopher Giglio, James G. Wheaton, Steven I. Ringer, Lenel Hickson, Jr., and Manal M. Sultan.
The CFTC advises the public to verify the registration status of any firm before investing, and warns of the common warning signs of forex fraud.
Source: CFTC.gov
Related Federal Cases
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · New York
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · New York
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2023 · New York
- Mark Thompson, Wire Fraud and Conspiracy, New York NY, 2023 · New York
- Attyx CEOs, $275M Solar Panel Installation Fraud, New York NY, 2023 · New York
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News