RIVERVIEW, FL – Patrick Wonsey of Riverview, Florida, is facing civil charges of fraud and misappropriation following a complaint filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the Middle District of Florida. The CFTC alleges Wonsey orchestrated a trading scheme involving retail foreign currency (forex) and binary options, defrauding at least 50 individuals out of over $3.4 million between January 2017 and September 2022.
According to the complaint, Wonsey solicited funds from investors with promises of profitable trading in forex, binary options, metals, and digital assets. However, the CFTC claims he misrepresented his trading success, the likelihood of returns, payout frequency, and the associated risks. The investigation revealed Wonsey primarily traded forex and binary options, but instead of utilizing investor funds for legitimate trading, he allegedly misappropriated the money for personal use and to operate a Ponzi scheme, paying earlier investors with funds from new investors.
The CFTC alleges that when investors requested withdrawals, Wonsey failed to fulfill them, offering excuses, ignoring requests, or delaying payouts. He is also accused of operating as an unregistered commodity pool operator, failing to properly establish the investment pool, and commingling investor funds with his personal accounts.
The CFTC is seeking disgorgement of ill-gotten gains, civil monetary penalties, restitution for the victims, a permanent ban on Wonsey’s registration and trading activities, and a permanent injunction to prevent future violations of the Commodity Exchange Act (CEA). The case is being pursued by Kelly Folks, Sean Hennessey, Kevin Samuel, Alison B. Wilson, Erica Bodin, and Rick Glaser of the CFTC’s Division of Enforcement.
The CFTC urges the public to verify the registration of any financial entity before investing and provides resources on its website to detect and report potential fraud, including specific advisories related to forex and commodity pool scams. Individuals with information about potential violations can contact the CFTC via its toll-free hotline or online complaint system.
Source: CFTC.gov
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