ROSWELL, GA – David Wayne Mayer, along with companies Silver Star FX, LLC and Silver Star Live Software LLC, have been charged with sales solicitation fraud and failure to register with the Commodity Futures Trading Commission (CFTC), according to a complaint filed in the U.S. District Court for the Northern District of Georgia on June 11, 2020.
The CFTC alleges that Mayer, operating under the pseudonym “Quicksilver,” fraudulently solicited customers between July 2018 and March 2019 to open discretionary trading accounts. He offered to trade these accounts using a fully automated retail foreign currency (forex) trading software system he created. Mayer acted as an unregistered associated person, promoting his services through online videos, social media, and in-person events.
The complaint details that Mayer made false and misleading statements regarding his qualifications, trading experience, and the performance of his forex trading system. He reportedly misrepresented expected profits and failed to disclose that he never personally used the system in a live trading account.
This case follows a related CFTC enforcement action from 2019, which found that Silver Star FX, LLC and Silver Star Live Software LLC were operating as unregistered commodity trading advisors, and that two former officers acted as unregistered associated persons.
The CFTC’s investigation was led by James A. Garcia, Michael Loconte, Erica Bodin, Aimée Latimer-Zayets, and Rick Glaser of the Division of Enforcement. The agency urges the public to verify a company’s registration status before investing and to report any suspicious activity via its toll-free hotline or online complaint form.
Penalties and restitution amounts have not yet been determined and will be pursued through the court proceedings. This is a developing story and will be updated as more information becomes available.
Source: CFTC.gov
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