APOPKA, FL – David Merrick, president of Trader’s International Return Network (TIRN), faces charges of solicitation fraud and misappropriation of customer funds, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on October 14, 2009, in the U.S. District Court for the Middle District of Florida. The CFTC alleges that TIRN, a Panamanian corporation, fraudulently solicited at least $16.4 million from investors.
The complaint details that TIRN presented itself as a “private investment club” offering foreign currency (forex) investing through its “Real Century” program. However, the CFTC claims that no customer funds were actually invested as advertised. Instead, the funds were allegedly misappropriated for purposes other than investment, with over $2 million diverted for Merrick’s personal use.
The CFTC is seeking a court order to freeze the assets of both TIRN and Merrick, as well as access to their financial records for a full accounting of the funds. Additionally, the agency is pursuing preliminary and permanent injunctions to force the defendants to disgorge any ill-gotten gains, provide restitution to defrauded investors, and pay civil monetary penalties.
This enforcement action is being pursued concurrently with a civil securities enforcement action filed by the U.S. Securities and Exchange Commission in the same court. A parallel criminal investigation was also made public by the U.S. Attorney’s Office on October 7, 2009, involving the execution of search and forfeiture seizure warrants. The investigation remains ongoing.
The case is being handled by CFTC staff members William P. Janulis, Barry R. Blankfield, Ken Hampton, Scott Williamson, Rosemary Hollinger, and Richard B. Wagner.
Source: CFTC.gov
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