PLYMOUTH, MA – February 25, 2013 – Jeffrey Liskov, of Plymouth, Massachusetts, has been ordered to pay a $300,000 civil penalty for defrauding a customer out of over $3 million in retirement funds through forex trading, the U.S. Commodity Futures Trading Commission (CFTC) announced today.
Judge Joseph L. Tauro of the U.S. District Court for the District of Massachusetts issued the order, also imposing permanent trading and registration bans on Liskov and his company, EagleEye Asset Management, LLC. The penalties stem from a CFTC complaint filed in September 2011 alleging Liskov cheated and defrauded at least one U.S. customer.
According to the complaint, Liskov engaged in unauthorized trading of the customer’s account, misappropriated funds, and forged signatures on wire transfer and account opening documents. The fraudulent scheme allowed Liskov and EagleEye to collect approximately $235,000 in performance incentive fees they were not entitled to.
Ultimately, Liskov and EagleEye lost over $3.24 million trading forex on behalf of the customer before the unauthorized activity was discovered. The order prohibits Liskov and EagleEye from violating the provisions of the Commodity Exchange Act.
The CFTC collaborated with the Securities and Exchange Commission’s Boston office, which filed a separate action against Liskov and EagleEye resulting in additional sanctions and a jury finding against them in November 2012. The U.K. Financial Services Authority also provided assistance in the investigation.
Camille M. Arnold, Joseph Patrick, Susan Gradman, Joseph Konizeski, Scott Williamson, Rosemary Hollinger, and Richard Wagner of the CFTC’s Division of Enforcement were responsible for the case.
Source: CFTC.gov
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