PHOENIX, AZ – Helmut H. Weber, of Scottsdale, Arizona, is facing charges of operating a fraudulent foreign currency (forex) scheme, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on March 9, 2010, in the U.S. District Court for the District of Arizona, Phoenix Division.
The CFTC alleges that Weber, doing business as Weber Capital Management (WCM), fraudulently solicited at least $280,000 from customers through personal solicitations and websites – www.weberfx.com, www.webercapitalmanagement.com, and www.newtempsite.com – for forex trading. The agency claims that only a small portion of the invested funds were actually traded, with the majority being misappropriated for Weber’s personal expenses.
From at least June 2008 through January 2009, Weber reportedly misrepresented himself as a successful and experienced forex trader, promising monthly profits ranging from three to ten percent on investments. He also falsely claimed that WCM was registered with the National Futures Association and the CFTC, enticing clients who subsequently referred others.
Despite receiving a “cease and desist” order from the Arizona Corporation Commission, Securities Division, on September 12, 2008 – requiring him to halt certain forex activities and close two websites – Weber continued to solicit investors. The state of Arizona subsequently indicted Weber on 29 criminal counts, including fraud and theft, on October 22, 2008, charges which remain pending.
The CFTC is seeking restitution for defrauded customers, repayment of any ill-gotten gains, civil monetary penalties, and a permanent ban on Weber’s future trading and registration activities. The agency worked in conjunction with the Arizona Corporation Commission, Securities Division, and the Office of the Arizona Attorney General on the investigation.
The case is being handled by CFTC staff members Timothy J. Mulreany, Tracey Wingate, Michael Amakor, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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