{"id":6074,"date":"2016-10-31T16:50:34","date_gmt":"2016-10-31T21:50:34","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1369"},"modified":"2016-10-31T16:50:34","modified_gmt":"2016-10-31T21:50:34","slug":"cftc-cases-ib-capital-fx-ordered-pay-35m-restitution-soliciting-investors-improperly-registered-21-8m-default-judgment-obtained-commodity-pool-fraud-spoofing-case-lead","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/cftc-cases-ib-capital-fx-ordered-pay-35m-restitution-soliciting-investors-improperly-registered-21-8m-default-judgment-obtained-commodity-pool-fraud-spoofing-case-lead\/","title":{"rendered":"CFTC Cases: IB Capital Fx Ordered to Pay Over $35M in Restitution For Soliciting Investors While Improperly Registered, $21.8M Default Judgment Obtained in Commodity Pool Fraud, and Spoofing Case Leads to Over $38M in Monetary Sanctions"},"content":{"rendered":"<p>\t\t\t\t<strong>IB Capital FX, Two Dutch Citizens to Pay Over $35M to Customers<\/strong><br \/>\nIB Capital FX, LLC, Emad Echadi, and Michel Geurkink must pay, severally and jointly, a $420K civil penalty and $35M in restitution for soliciting at least $50M from 1,850 customers internationally and in the US even though they lacked the required registration for trading that involved off-exchange margined retail foreign (forex) currency. Also, the firm should have been registered with the US Commodity Futures Trading Commission.<\/p>\n<p>It was the CFTC that obtained the consent order, which permanently prevents the defendants from violating CFTC Regulations and the Commodity Exchange Act further. They also are now subject to permanent registration and trading bans.<\/p>\n<p><strong>$21.8M Default Judgment Issued is in Ponzi Scam<\/strong><br \/>\nIn a default judgment, Puerto Rico resident Alvin Guy Wilkinson and his Wilkinson Financial Opportunity Fund, LP and Chicago Index Partners, LP\u2014both are Connecticut-based financial firms\u2014will jointly and severally pay $21.8M for <a href=\"https:\/\/www.securities-fraud-attorneys.com\">misappropriating commodity pool funds <\/a>in a purported Ponzi scam. According to the CFTC\u2019s order, the defendants committed fraud, did not register with the SEC, engaged in misappropriation, and made misrepresentations to the National Futures Association.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/cftc-cases-ib-capital-fx-ordered-pay-35m-restitution-soliciting-investors-improperly-registered-21-8m-default-judgment-obtained-commodity-pool-fraud-spoofing-case-lead\/#more-6074\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IB Capital FX, Two Dutch Citizens to Pay Over $35M to Customers IB Capital FX, LLC, Emad Echadi, and Michel Geurkink must pay, severally and jointly, a $420K civil penalty and $35M in restitution for soliciting at least $50M from 1,850 customers internationally and in the US even though they lacked the required registration for [&hellip;]<\/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":[3810,3792,3741,1],"tags":[3696,3697,3698,2742,3699],"class_list":["post-6074","post","type-post","status-publish","format-standard","hentry","category-cftc","category-ponzi-scams","category-securities-fraud","category-uncategorized","tag-chicago-index-partners","tag-d","tag-ib-capital","tag-spoofing","tag-wilkinson-financial-opportunity-fund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CFTC Cases: IB Capital Fx Ordered to Pay Over $35M in Restitution For Soliciting Investors While Improperly Registered, $21.8M Default Judgment Obtained in Commodity Pool Fraud, and Spoofing Case Leads to Over $38M in Monetary Sanctions &#8212; Investor Lawyers Blog &#8212; October 31, 2016<\/title>\n<meta name=\"description\" content=\"IB Capital FX, Two Dutch Citizens to Pay Over $35M to Customers IB Capital FX, LLC, Emad Echadi, and Michel Geurkink must pay, severally and jointly, a &#8212; October 31, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/cftc-cases-ib-capital-fx-ordered-pay-35m-restitution-soliciting-investors-improperly-registered-21-8m-default-judgment-obtained-commodity-pool-fraud-spoofing-case-lead\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CFTC Cases: IB Capital Fx Ordered to Pay Over $35M in Restitution For Soliciting Investors While Improperly Registered, $21.8M Default Judgment Obtained in Commodity Pool Fraud, and Spoofing Case Leads to Over $38M in Monetary Sanctions &#8212; Investor Lawyers Blog &#8212; 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