New York, NY – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Jamal Y. Vance and his firm, All City Investments, LLC, alleging solicitation fraud related to off-exchange foreign currency (forex) transactions and failure to register as Commodity Trading Advisors (CTAs). The complaint, filed in the U.S. District Court for the Southern District of New York, details a scheme targeting potential forex traders.
According to the CFTC, Vance, residing in Orlando, Florida, and All City Investments, based in Dallas, Texas, solicited customers through their website to deposit funds into accounts controlled by the defendants. Customers were also required to sign a limited power of attorney, granting All City control over their forex trading.
The core of the alleged fraud centers around a misleading “Track Record” displayed on the company website. This record falsely claimed a 2,675.10% growth rate between December 2013 and September 2015, based on a purported 444 trades with an astonishingly high success rate – 442 profitable trades (99.55%) and only 2 losing trades (0.45%). The CFTC asserts this information was entirely false and designed to induce customers into entrusting their funds to All City.
The CFTC further alleges that Vance and All City operated as unregistered CTAs, violating federal regulations. Vance is accused of being liable for All City’s violations as its President, Secretary, Member, and controlling person, while All City is deemed liable for Vance’s actions taken within the scope of his employment.
The CFTC is seeking significant penalties, including disgorgement of ill-gotten gains, full restitution for defrauded customers, civil monetary penalties, a ban on future trading and registration, and a permanent injunction to prevent future violations of commodity laws. The case is being pursued by CFTC staff members Katie Rasor, Joseph Muoio, Judith Slowly, Christopher Giglio, Steven Ringer, Lenel Hickson, and Manal Sultan.
The CFTC advises potential forex traders to be wary of exaggerated claims and unregistered advisors, and encourages reporting of suspicious activity through their toll-free hotline (866-FON-CFTC) or online complaint portal.
Source: CFTC.gov
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