BOCA RATON, FL – On September 28, 2006, U.S. District Court Judge William P. Dimitrouleas ordered Jeffrey P. Jedlick to pay $100,000 in disgorgement as part of a settlement related to a fraudulent foreign currency (forex) options scheme. A parallel order required Tirtza Jedlick to pay $16,000 in disgorgement for the same offense.
The orders stem from a complaint filed by the Commodity Futures Trading Commission (CFTC) against International Investments Holdings Corp. (IIHC), Doreen Valko, and Frank DeSantis. The CFTC alleged that IIHC, while claiming to be based in the Bahamas, operated from South Florida. Valko, the company’s president, is accused of misappropriating at least $1.13 million from approximately 205 retail customers through the forex options scheme.
According to the CFTC, IIHC and DeSantis created and distributed false statements to customers, falsely confirming forex options transactions. DeSantis was charged with knowingly assisting and enabling the fraudulent operation by providing consulting and marketing services to Valko and IIHC.
The court found that both Jeffrey and Tirtza Jedlick, residents of Boca Raton, Florida, received funds originating from the fraudulent activities of IIHC and Valko. The court determined that the Jedlicks did not provide any legitimate services or goods in exchange for these payments.
The CFTC’s investigation was led by Timothy J. Mulreany, David Reed, Mary Kaminski, Paul Hayeck, and Joan Manley of the Division of Enforcement. The case, CFTC v. Doreen Valko, et al., was filed in the Southern District of Florida under case number 06 CV 60001.
Source: CFTC.gov
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