LAS VEGAS, NV – September 28, 2021 – Cody Ryan Porter of Nevada has been charged with fraud by the Commodity Futures Trading Commission (CFTC) for misappropriating over $187,000 from investors. Porter, operating through his company KatchPips FX LLC, allegedly fraudulently solicited funds from more than 18 individuals for investment in a forex commodity pool.
According to the CFTC’s order, from approximately October 2019 through May 2021, Porter and KatchPips FX promised investors monthly returns of 3 to 10 percent, claiming funds would be traded through a registered retail forex dealer. However, the agency alleges the majority of the collected funds were instead used for personal expenses, including food, rent, and vacations.
The CFTC found that neither Porter nor KatchPips FX were registered with the agency, despite operating as a commodity pool. As a result of the alleged scheme, customers suffered losses totaling over $187,000.
The order requires Porter and KatchPips FX to jointly pay a $187,240 civil monetary penalty and $187,240 in restitution to the defrauded customers, along with any accrued post-judgment interest. Furthermore, both Porter and KatchPips FX are permanently banned from trading on or through any CFTC-registered entity and from engaging in activities requiring CFTC registration.
The CFTC cautions that restitution orders do not guarantee full recovery of lost funds, as wrongdoers may lack sufficient assets. The agency remains committed to protecting customers and holding accountable those who violate commodity trading laws.
Individuals who suspect fraudulent activity can report it to the CFTC via its toll-free hotline at 866-FON-CFTC (866-366-2382), submit a tip online, or contact the Whistleblower Office.
Source: CFTC.gov
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