{"id":1022,"date":"2012-02-23T20:15:48","date_gmt":"2012-02-23T20:15:48","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/02\/texas_man_sued_by_cftc_over_al"},"modified":"2012-02-23T20:15:48","modified_gmt":"2012-02-23T20:15:48","slug":"texas-man-sued-by-cftc-over-al","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-man-sued-by-cftc-over-al\/","title":{"rendered":"Texas Man Sued by CFTC Over Alleged Foreign Currency Fraud"},"content":{"rendered":"

\t\t\t\tThe Commodity Futures Trading Commission is suing Texas resident Christopher Cornett for alleged solicitation fraud, issuing false account statements, misappropriation of participants’ funds, and not registering in connection with an off-exchange foreign currency fraud<\/a>. The CFTC filed its complaint on February 2 in the U.S. District Court for the Western District of Texas.<\/p>\n

The CFTC contends that between June 2008 through October 2011, the Texas resident approached prospective clients to try to get them to put money in a pooled investment in forex. He played the role of operator and manager of the pool that was referred to with different names, including ICM, ITLDU, IFM, LLC, and International Forex Management, LLC. Cornett is accused of falsely soliciting these prospective participants and making false claims to them that he never had a losing month or year while engaging in forex trading. <\/p>\n

Cornett was allegedly able to solicit about $7.07 million between June 2008 and September 2010. Pool participants were able to redeem about $1.64 million. Meantime, he lost about $4.17 million of the funds’ money. During this period of over two years, Cornett allegedly had only one month that was profitable while engaged in forex trading with the pool funds. He is also accused of misappropriating about $1.26 million and falsely reporting the pool’s profits, account balances, and losses to participants.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Commodity Futures Trading Commission is suing Texas resident Christopher Cornett for alleged solicitation fraud, issuing false account statements, misappropriation of participants’ funds, and not registering in connection with an off-exchange foreign currency fraud. The CFTC filed its complaint on February 2 in the U.S. District Court for the Western District of Texas. The CFTC […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810,3961,3750],"tags":[],"class_list":["post-1022","post","type-post","status-publish","format-standard","hentry","category-cftc","category-foreign-currency-scam","category-texas-securities-fraud"],"yoast_head":"\nTexas Man Sued by CFTC Over Alleged Foreign Currency Fraud — Investor Lawyers Blog — February 23, 2012<\/title>\n<meta name=\"description\" content=\"The Commodity Futures Trading Commission is suing Texas resident Christopher Cornett for alleged solicitation fraud, issuing false account statements, — February 23, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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