Claudio Aliaga, of Davie, Florida, has been charged with operating a Ponzi scheme that defrauded at least 125 individuals out of $4.5 million. The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint on April 6, 2010, alleging that Aliaga, through his company CMA Capital Management, LLC, fraudulently solicited investments for foreign currency (forex) managed accounts and a pooled investment.
According to the CFTC, beginning in March 2007, Aliaga made false and misleading statements to investors, including claims of being a successful forex trader and guaranteeing monthly returns of two to three percent with no risk to principal. The complaint further alleges that Aliaga did not use all customer funds for forex trading, with only approximately $1.9 million of the $4.5 million solicited actually entering trading accounts. Those trades resulted in a loss of approximately $673,000.
The CFTC alleges that Aliaga misappropriated customer funds for personal use, to benefit his wife, Betty Aliaga, who is named as a relief defendant, and to support another related business. False account statements were allegedly issued to customers to conceal the fraud and reflect the promised, but unrealized, returns. Since January 2009, the defendants reportedly failed to make promised payments and fulfill customer requests for fund redemptions.
On April 9, 2010, Judge Marcia G. Cooke of the U.S. District Court for the Southern District of Florida issued a restraining order, freezing the assets of Aliaga, his company, and the relief defendants. A hearing is scheduled for May 5, 2010, to consider the CFTC’s motion for a preliminary injunction.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction against Aliaga to prevent further violations of federal commodities laws. The case is being pursued by Eugene Smith, Patricia Gomersall, Christine Ryall, Paul G. Hayeck and Joan Manley of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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