简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:David Seibert was ordered to pay $10,794,508 in restitution to victims of his scheme. He allegedly accepted over $10 million from 11 participants in his scheme.
The US Commodity Futures Trading Commission ( CFTC ) announced on Thursday that it imposed sanctions against an unregistered commodity pool operator, who was ordered to pay over $13 million.
Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.
According to the press release, David Seibert from Lakeway, Texas, is accused of running a commodity fraud and was found liable for solicitation fraud and the misappropriation of client funds. A permanent registration ban and trading ban were also imposed by the court, which prohibited him from violating the Commodity Exchange Act in the future.
Over $10 million was fraudulently solicited and accepted by Seibert from 11 participants from March 2016 to April 2019. During the time, Seibert claimed to use participant funds for short-term, high-interest, secured 'bridge loans' to third-party borrowers for the purpose of making property repairs while they sought permanent financing.
According to Seibert, he would find the lending opportunities, confirm that the borrower was qualified, and then close and service the loan. However, no loans were originated by Seibert. As a result, Seibert used most of the funds to trade commodity interests in his personal trading account, where he lost over $8.3 million. Funds from other participants were used for personal expenditures by him.
Seibert has been ordered to pay $10,794,508 in restitution to victims of his scheme and $2,278,853 in civil penalties.
Recently, the US regulator announced that it had filed a civil enforcement action against a South African man, Cornelius Johannes Steynberg, and an unregistered commodity pool operator, Mirror Trading International Proprietary Limited (MTI).
Both parties were charged with fraud and registration violations before the US District Court of the Western District of Texas. This action comes a few days after the CFTC slammed a $1.37m fine on Starberry Limited for acting as a futures commission merchant without a permit.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Royal Malaysia Police (PDRM) has received 26 reports concerning the Nicshare and CommonApps investment schemes, both linked to a major fraudulent syndicate led by a Malaysian citizen. The syndicate’s activities came to light following the arrest of its leader by Thai authorities on 16 December.
Founded in 2006, FxPro is a reputable UK-based broker, trading on various market instruments. In this article, we will help you find the answer to one question: Is FxPro reliable?
Markets4you, is a global forex broker launched in 2007. It was established in the British Virgin Islands. This broker offers its global traders various market instruments.
Master the top 10 Forex trading indicators to analyze real-time Forex quotes, trends, and market signals. Learn strategies to boost accuracy and avoid mistakes.