Coral Gables, FL – Ghassan Tawachi, a registered Commodity Trading Advisor, has been penalized by the U.S. Commodity Futures Trading Commission (CFTC) for defrauding customers through the sale of his automated trading systems. The CFTC filed and settled charges against Tawachi on April 26, 2012.
According to the CFTC, Tawachi falsely claimed to be a successful professional trader with over ten years of experience to market his “Bentley Automated Trading Systems” and “Avanti Automated Trading System” via two websites. The CFTC found that Tawachi had no professional trading experience, and his trading background consisted of a single personal futures account opened just three years prior, with limited and unsuccessful trading activity.
The investigation revealed that Tawachi misappropriated $40,000 from a customer, promising a 20 percent monthly return on a 90-day investment. Tawachi claimed to have generated up to $100,000 in profits through his trading system but failed to return any of the customer’s funds. Account records showed the customer’s funds were never deposited into Tawachi’s trading accounts.
As a result of the CFTC’s action, Tawachi is required to pay a $140,000 civil monetary penalty and restitution of $140,839.70. Additionally, the order imposes permanent trading and registration bans, effectively barring Tawachi from participating in the commodity futures market.
The case was led by CFTC Division of Enforcement staff members Ken Koh, Danielle Karst, Todd Kelly, Peter M. Haas, Paul G. Hayeck, and Joan Manley.
Source: CFTC.gov
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