Washington, D.C. – Marina Bühler-Miko, 42, of Washington, D.C., is facing civil charges of fraud filed by the U.S. Commodity Futures Trading Commission (CFTC) on May 16, 2012, in U.S. District Court for the District of Columbia. The CFTC alleges that Bühler-Miko and her company, Coventry Asset Managers, LLC, engaged in a scheme to defraud members of the public through the Coventry Eire Forex Fund.
According to the complaint, Bühler-Miko fraudulently solicited investors to trade off-exchange foreign currency contracts using leveraged investments within the Coventry Eire fund. Neither Bühler-Miko nor Coventry were registered with the CFTC, a requirement for legally operating such investment vehicles.
The CFTC alleges that from June 18, 2008, through April 2011, Bühler-Miko and Coventry defrauded customers of at least $300,000. The pair allegedly made false promises to investors, guaranteeing quarterly profits of six percent, plus a bonus payment after a 13-month period, by trading forex through Coventry Eire. They also allegedly minimized the inherent risks associated with leveraged forex transactions.
Court documents reveal Bühler-Miko, who had no prior trading experience, admitted under oath that no customers ever received the promised returns or bonus payments. She reportedly told investors they had lost nearly all of their initial investment after trading forex contracts through the fund.
The CFTC is seeking disgorgement of any ill-gotten gains, restitution for defrauded customers, civil monetary penalties, and permanent bans on trading and registration. They are also requesting permanent injunctions to prevent further violations of the Commodity Exchange Act. The case is being pursued by Timothy J. Mulreany, Tracey Wingate, Michael Amakor, Paul Hayeck, and Joan Manley of the CFTC’s Division of Enforcement.
As of May 25, 2012, Bühler-Miko’s legal representation and potential criminal charges were not immediately available. This is an ongoing investigation.
Source: CFTC.gov
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