PHOENIX, AZ – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Debiex, alleging a $2.3 million fraud targeting customers through romance scam tactics. The complaint, filed in U.S. District Court for the District of Arizona, details a scheme where Debiex officers and managers allegedly cultivated relationships with potential customers, gaining their trust before soliciting funds for digital asset commodity trading.
From approximately March 2022 to the present, Debiex is accused of misappropriating approximately $2.3 million from around five customers. The operation involved a coordinated effort using “solicitors” who initiated contact via social media, pretending to befriend or romance victims to encourage account openings and funding. A “customer service” team allegedly set up and managed these accounts, while “money mules” – including Zhāng Chéng Yáng (Zhang) – were utilized to receive and misappropriate customer funds through digital asset wallets.
According to the CFTC, Debiex operated websites – debiex.com and debiex.net – specifically targeting Asian Americans with this fraudulent scheme. These websites allegedly mimicked legitimate trading platforms, creating the illusion of active trading when, in reality, no trades were ever executed on behalf of the customers. The funds deposited were directly misappropriated by Debiex.
Zhāng Chéng Yáng is named as a relief defendant due to the alleged use of his digital asset wallet in the misappropriation of customer funds, suggesting involvement as a money mule.
The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. The investigation received assistance from the FBI’s Phoenix Office.
“This case is an example of the Division of Enforcement’s core mission—bringing justice for victims, rooting out misconduct, and holding accountable those who violate the anti-fraud provisions of the CEA,” said Director of Enforcement Ian McGinley.
Source: CFTC.gov
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