Jamal Y. Vance, Solicitation Fraud, Florida 2016
ORLANDO, FL – Jamal Y. Vance is facing charges of solicitation fraud and failure to register as a Commodity Trading Advisor (CTA), the U.S. Commodity Futures Trading Commission (CFTC) announced on September 22, 2016. The civil enforcement action was filed in the U.S. District Court for the Southern District of New York.
Vance, along with his company All City Investments, LLC, allegedly engaged in fraudulent practices related to off-exchange foreign currency (forex) transactions. According to the CFTC’s complaint, Vance and All City solicited customers through their website to deposit funds into accounts controlled by All City, granting the company power of attorney to trade forex on their behalf.
The core of the alleged fraud centers around a misleading “Track Record” displayed on the company’s website. This Track Record falsely claimed a 2,675.10% growth from December 2013 through September 2015, based on a purported 99.55% success rate (442 profitable trades out of 444). The CFTC asserts this information was entirely false and designed to induce customers into allowing All City to act as their CTA.
Furthermore, the complaint alleges that Vance and All City operated as a CTA without the required registration with the CFTC. Vance is accused of being liable for All City’s violations as its President, Secretary, Member, and controlling person. All City is, in turn, held liable for Vance’s actions, as they were allegedly committed within the scope of his employment.
The CFTC is seeking disgorgement of ill-gotten gains, full restitution for defrauded customers, civil monetary penalties, trading and registration bans, and a permanent injunction to prevent future violations of federal commodities laws. The investigation is ongoing, and the staff members responsible for the case include Katie Rasor, Joseph Muoio, Judith Slowly, Christopher Giglio, Steven Ringer, Lenel Hickson, and Manal Sultan.
Customers who suspect they may have been affected by this fraud are encouraged to report suspicious activity to the CFTC via the toll-free hotline at 866-FON-CFTC or online through the CFTC’s tip and complaint system.
Source: CFTC.gov
Source: https://www.cftc.gov/PressRoom/PressReleases/7451-16