CFTC Receives Consent Order from $7.2M Forex and Crypto Fraudsters

The Commodity Futures Trading Commission (CFTC) announced on Tuesday that it has received a consent order for its enforcement action against the defendants who pulled off a foreign exchange (forex) and cryptocurrency trading scam, defrauding investors of more than $7.2 million.

The primary accused of the case was Abner Alejandro Tinoco who ran a self-styled investment firm, Kikit & Mess Investments LLC, and misappropriated the funds received from the investors for managed trading activities.

The CFTC first charged Tinoco and his company in October 2010. Initially, the defrauded amount was estimated to be around $3.9 million, but later it was found to be more than $7.2 million.

The  CFTC 
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures…