New York, NY – Jamal Y. Vance and his company, All City Investments, LLC, have been penalized by the Commodity Futures Trading Commission (CFTC) for running a fraudulent off-exchange foreign currency (forex) scheme. Judge Alison P. Nathan of the U.S. District Court for the Southern District of New York issued a Consent Order against Vance and a Default Judgment against All City, following a complaint filed by the CFTC in September 2016.
The CFTC found that Vance and All City solicited customers through their website to invest in forex accounts managed by the pair. Customers were required to sign a limited power of attorney, granting All City control over their trading decisions. The website also featured fabricated testimonials touting Vance’s trading expertise and purported returns.
Central to the fraud was a misleading “Track Record” displayed on the All City website. This claimed a staggering 2,675.10% growth from December 2013 to September 2015, with an alleged 99.55% success rate (442 profitable trades out of 444). The CFTC determined this information to be entirely false and misleading.
Furthermore, Vance and All City failed to register with the CFTC as a Commodity Trading Advisor (CTA), a legal requirement for those managing commodity futures or options on behalf of others.
As a result of the court orders, Vance is required to pay a $100,000 civil monetary penalty, while All City must pay $670,912. Both Vance and All City are permanently banned from trading and registering with the CFTC, and are prohibited from violating the Commodity Exchange Act and related regulations in the future.
The case was led by CFTC Division of Enforcement staff members Katie Rasor, Judith Slowly, Christopher Giglio, Steven Ringer, Lenel Hickson, and Manal Sultan. The CFTC urges potential investors to be wary of forex scams and provides resources for reporting suspicious activity through its toll-free hotline (866-FON-CFTC) and online complaint portal.
Source: CFTC.gov
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