Las Vegas, NV – The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Mirko Schacke of Antioch, California, and his company, TradeMasters USA, LLC, of Las Vegas, Nevada, alleging fraud and failure to register as required by law. The charges stem from the sale of automated futures trading software.
The CFTC complaint, filed August 15, 2016, in the U.S. District Court for the District of Nevada, alleges that Schacke and TradeMasters fraudulently solicited at least $155,626 from 36 individuals between June 2013 and the present. Investors were enticed to purchase the software, priced between $1,500 and $20,000, through misleading representations on the company’s website and in YouTube videos.
Specifically, the CFTC alleges that Schacke and TradeMasters falsely claimed customers would achieve substantial profits using the software. They reportedly stated that one customer saw a 300% return in three months, and that most users generate a monthly income of $5,000 to $10,000. These claims have not been substantiated.
The complaint further alleges that Schacke personally intervened to execute trades for at least two customers who complained the software wasn’t performing as advertised. This occurred while neither Schacke nor TradeMasters were registered as a commodity trading advisor or associated person with the CFTC, a legal requirement for providing such services.
Additionally, the CFTC accuses Schacke and TradeMasters of failing to disclose information about client testimonials featured on their website. A statutory restraining order was issued by Chief Judge Gloria M. Navarro on August 15, prohibiting the defendants from destroying records and granting the CFTC access to them. A hearing on the CFTC’s motion for a preliminary injunction is scheduled for August 26, 2016.
The CFTC is seeking full restitution for defrauded investors, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws. Joseph Patrick, Susan B. Padove, Susan Gradman, Scott R. Williamson, and Rosemary Hollinger of the CFTC’s Division of Enforcement are leading the investigation.
The CFTC urges anyone with information about potential commodity trading fraud to contact the agency via its toll-free hotline at 866-FON-CFTC (866-366-2382) or file a tip online.
Source: CFTC.gov
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