Ghassan Tawachi, also known as Marco Tawachi, faces charges of commodity fraud following a civil enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) on January 7, 2016, in the U.S. District Court for the Central District of California. The CFTC alleges Tawachi and his firm, Intelligent Trades, LLC, fraudulently marketed commodity futures trading software, indirectly controlling customer accounts and collecting fees.
According to the complaint, Tawachi defrauded clients of over $479,755. The charges also include a violation of a prior CFTC Order issued on April 26, 2012, which permanently prohibited Tawachi from commodity futures trading on behalf of others due to previous fraud and misappropriation. The CFTC alleges Tawachi continued trading for clients and made false representations regarding his software.
Beginning in at least July 2011, Tawachi promoted his Intelligent Trades (IT) Software through licensing agreements. Clients paid a monthly fee of roughly 10 percent of their account value to Intelligent Trades for use of the system. Tawachi allegedly claimed the software could generate returns of 15 to 20 percent monthly, after fees. However, the CFTC alleges the software failed to produce any profits for clients.
The CFTC further alleges that Tawachi acted as an unregistered Commodity Trading Advisor, violating federal regulations. The agency is seeking full disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of the 2012 CFTC Order and federal commodities laws. The CFTC cooperated with the U.S. Attorney’s Office for the Central District of California during the investigation.
Customers who suspect fraud are encouraged to report suspicious activity to the CFTC via a toll-free hotline at 866-FON-CFTC (866-366-2382) or file a tip online.
Source: CFTC.gov
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