A Canadian resident and his company are facing charges of fraud following a civil lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) in the Southern District of New York. Simon Jousef and his business, FuturesFX, are accused of fraudulently soliciting subscriptions to a foreign exchange (forex) and commodity futures trading system.
The CFTC alleges that from July 1, 2014, to January 31, 2016, Jousef and FuturesFX promoted and sold access to a trading system promising a methodology for successful forex and commodity futures trading. The complaint details that the defendants allegedly made numerous false and misleading statements on their websites, futuresfx.ca and globaltraderoom.com, within the online trading room, and in email advertisements to entice individuals to purchase subscriptions.
Members were reportedly charged up to $9,000 for access to the system. The CFTC claims that Jousef and FuturesFX fraudulently obtained approximately $1.3 million in subscription fees from over 300 members located in the United States and internationally.
Furthermore, the complaint alleges that Jousef knowingly provided false and misleading information to the National Futures Association (NFA) during annual registration updates related to 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 the investigation.
Consumers are encouraged to report suspicious activity to the CFTC via the toll-free hotline at 866-FON-CFTC or through the agency’s online tip and complaint submission system.
Source: CFTC.gov
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