false statements Archives - The Industry Spread

CFTC Charges Trading Systems Firm and its Principal with Solicitation Fraud and False Statements

September 16, 2019

The U.S. Commodity Futures Trading Commission today filed a civil lawsuit in the U.S. District Court for the Southern District of New York against Canadian resident Simon Jousef and his business FuturesFX.  The defendants are charged with fraudulently soliciting people, in the U.S. and abroad, to subscribe to a trading systems that included a supposedly “live” foreign exchange (forex) and commodity futures online trading room, educational videos, and online support (trading system).  In addition, the CFTC’s complaint charges Jousef with making false or misleading statements to the National Futures Association (NFA). 

CFTC Obtains $2.1 Million Judgment Against Iowa Commodity Trader for Fraudulent Scheme

December 25, 2018

The Commodity Futures Trading Commission (CFTC) announced today that on November 26, an Order and Judgment by Default (Order) was entered against Lon Olen Friedrichsen (Friedrichsen) of Alton, Iowa in connection with a fraudulent scheme to illegally trade NYMEX West Texas Intermediate Light Sweet Crude Oil futures contracts on behalf of customers.