Roswell, Georgia – David Wayne Mayer, 53, has been slapped with a hefty judgment following a Commodity Futures Trading Commission (CFTC) enforcement action. The U.S. District Court for the Northern District of Georgia entered a default judgment against Mayer, along with two companies he operated, on August 25, 2021.
Mayer, operating under the pseudonym “Quicksilver,” and his companies, Silver Star FX, LLC d/b/a Silver Star Live (SSL) and Silver Star Live Software LLC (SSLS), were found liable for solicitation fraud, Commodity Trading Advisor (CTA) fraud, and multiple CFTC registration violations. The case, initially filed on June 11, 2020, alleges that the defendants fraudulently solicited customers to open forex trading accounts using a fully automated software system created by Mayer.
According to court findings, from at least July 2018 to March 2019, Mayer and his companies misrepresented their qualifications, trading experience, and the performance of their forex trading system. They failed to disclose that Mayer had never even used the system in a live trading account. The solicitations were carried out through online videos, social media, and in-person events.
The judgment orders SSLS and Mayer to jointly pay $3,712,035.93 in restitution. SSL is also ordered to pay $198,143.03 in restitution. Furthermore, civil monetary penalties totaling $9,798,107.79 were imposed on both SSLS and SSL, while Mayer faces a penalty of $1,338,000. All defendants are permanently banned from engaging in activities that violate the Commodity Exchange Act (CEA), registering with the CFTC, and trading in CFTC-regulated markets.
This case builds upon a previous CFTC enforcement action that found SSL and SSLS acted as unregistered CTAs, and two former officers acted as unregistered associated persons. The CFTC urges the public to verify a company’s registration before investing and to report any suspicious activity.
James A. Garcia, Michael Loconte, Erica Bodin, Aimée Latimer-Zayets, and Rick Glaser of the CFTC’s Division of Enforcement were responsible for the case.
Source: CFTC.gov
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