Irvington, NY – June 2, 2020 – Eyal Alperof has been permanently banned from trading and registration after being found guilty of fraud and misappropriation, according to a consent order entered by the U.S. District Court for the Southern District of New York. The Commodity Futures Trading Commission (CFTC) filed a complaint against Alperof on October 24, 2019, alleging a fraudulent scheme targeting the public.
The court order requires Alperof to pay $352,901 in restitution to victims, as well as a civil monetary penalty of the same amount. He is also permanently prohibited from violating provisions of the Commodity Exchange Act and Commission regulations.
The CFTC investigation revealed that from late 2015 through October 2019, Alperof fraudulently solicited funds from the public to trade futures and foreign currency (forex) contracts through managed accounts. He falsely presented himself as an experienced and successful trader with a substantial trading account at a UK-based firm. However, Alperof never actually opened trading accounts for his customers.
Instead, he misappropriated nearly all of the funds entrusted to him, using the money for personal expenses such as international travel, restaurant bills, and car rentals. To cover his tracks, Alperof sent customers fabricated statements showing fictitious profits and falsely claimed there were reasons preventing withdrawals.
The CFTC warns that victims may not recover all lost funds, as the defendant may lack sufficient assets. The agency continues to pursue accountability for those who violate commodity trading laws. The UK Financial Conduct Authority provided assistance in the investigation.
Individuals who suspect fraud or violations of commodity trading laws are encouraged to report them to the CFTC via the toll-free hotline at 866-FON-CFTC (866-366-2382) or through the online tip/complaint form.
Source: CFTC.gov
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