New York, NY – The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Canadian resident Simon Jousef for allegedly defrauding over 300 individuals out of approximately $1.3 million through a fraudulent forex and commodity futures trading system. The lawsuit, filed in the U.S. District Court for the Southern District of New York on September 10, 2019, also names Jousef’s business, FuturesFX, as a defendant.
According to the CFTC complaint, from July 1, 2014, to January 31, 2016, Jousef and FuturesFX promoted and sold subscriptions to a trading system promising a methodology for successful forex and commodity futures trading. Members were charged up to $9,000 for access to this system, which included a “live” online trading room, educational videos, and online support.
The CFTC alleges that Jousef and FuturesFX made numerous false and misleading statements on their websites, futuresfx.ca and globaltraderoom.com, within the online trading room, and in email advertisements. These statements were designed to induce individuals to purchase subscriptions based on false pretenses. The complaint further alleges that Jousef knowingly provided false information to the National Futures Association (NFA) in annual registration updates concerning FuturesFX’s predecessor company.
The CFTC is seeking a return of ill-gotten gains, restitution for defrauded customers, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of federal commodities laws. The agency acknowledged the cooperation of the NFA and the Ontario Securities Commission in this investigation.
Customers who believe they may have been affected by this fraudulent scheme are encouraged to report suspicious activity to the CFTC via its toll-free hotline at 866-FON-CFTC (866-366-2382) or file a tip or complaint online.
Source: CFTC.gov
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