Sumary of CFTC Charges Texas Resident and Costa Rican Firms for Running Forex Fraud:
- The US Commodity Futures Trading Commission (CFTC) has filed on Tuesday an enforcement action to charge a Texas resident and several Costa Rican companies with charges related to forex and commodities fraud.
- Group LLC (LIFT), CIG Internacional Sociedad Anónima (CIG), and Trading Technologies Group Sociedad Anónima (TTG) organized in Costa Rica, Trading Ventures Group, LLC (TVG), Capital Ventures Group, LLC (CVG), and Ventures Group, LLC (VGL.
- According to the findings, Avila, LIFT, CIG, and TTG engaged in an investment scheme to defraud investors from 2019 to the spring of 2020, obtaining funds of around $1.8 million from 55 TVG customers, claiming that he and his firm will invest that money in trading forex and derivatives.
- “The defendants failed to disclose they were not trading as promised and instead were misappropriating their funds.
- Why the World Needs TechGo to article >>Funds Were Never Invested in ForexFurthermore, the defendants provided false statements to their victims, giving a false impression that they were legitimately trading their money into the financial markets.