Gregory L. Gramalegui of Vail, Colorado, has been charged with multiple counts of fraud by the U.S. Commodity Futures Trading Commission (CFTC), the agency announced October 21, 2015. The civil enforcement action, filed in the U.S. District Court for the District of Colorado, alleges Gramalegui engaged in fraudulent practices through his Emini Trading School (ETS).
The CFTC alleges Gramalegui made false and misleading representations in marketing materials for his futures trading system and advisory service. These representations were disseminated through the ETS website, marketing emails, and a “Live Trading Room” operated by ETS. Specifically, Gramalegui claimed prospective clients “can win every day in the markets” by following his trading plan, that traders using his plans experienced “many long winning trades and NO Losing Trades,” and that he made trading “that easy.”
The complaint details that Gramalegui had no reasonable basis for these claims and that clients, in reality, lost money utilizing his system and advisory service. Further compounding the charges, the CFTC alleges Gramalegui provided false statements during the agency’s investigation into his conduct and failed to comply with required advertising disclosures.
This isn’t Gramalegui’s first encounter with the CFTC. He is also accused of violating a prior administrative order issued by the CFTC on July 12, 2001, stemming from previous fraud charges. He has never been registered with the CFTC.
The CFTC is seeking restitution for defrauded clients, the disgorgement of any ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against further violations of federal commodities laws. The Vail, Colorado Police Department assisted in the investigation. The case is being pursued by CFTC staff members Laura Brookover, Daniel C. Jordan, Michelle Bougas, Rick Glaser, and Jeremy Christianson.
Source: CFTC.gov
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