Largo, FL – August 9, 2006 – William David Seigler Jr. has been found guilty of forex fraud and failing to register as a futures commission merchant, according to a judgment issued by the U.S. District Court for the Southern District of Florida. The U.S. Commodity Futures Trading Commission (CFTC) brought the case against Seigler and his company, Sonoma Trading Corporation, in 2005.
The court found that Seigler, of Largo, Florida, solicited the public nationwide through the Sonoma Trading website, www.SonomaTrading.com, to speculate in foreign currency options. From approximately December 30, 2002, he encouraged clients to purchase these options, promising profits based on fluctuations in the global currency markets.
Clients were directed to wire funds to a U.S. bank, which then transferred the money to a Sonoma account in San Jose, Costa Rica. The CFTC alleged, and the court confirmed, that neither Seigler nor Sonoma were registered with the Commission as required to legally offer such financial products.
As a result of these violations of the Commodity Exchange Act (CEA) and CFTC regulations, the court entered a judgment by default and a permanent injunction against Seigler. He is required to pay a $500,000 civil monetary penalty.
The case was led by CFTC’s Division of Enforcement staff including Timothy J. Mulreany, David Reed, Mary Kaminski, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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