The CFTC will continue to partner with foreign regulators, Denmark in this case, and other agencies to aggressively pursue individuals that commit fraud against its residents.
The U.S. Court for the Southern District of New York has permanently banned Casper Mikkelsen from trading commodity interests and ordered him to pay $1,191,286 in restitution and a $3,573,860 penalty for a Forex fraud brought to court by the Commodity Futures Trading Commission.
The Danish citizen will have to pay triple the profits he made committing the scam, in he promised clients he would use his discretion to trade forex on their behalf through his firm, GNTFX.
In turn, his clients invested at least $1,536,782.47, but rather than using those funds for forex trading, Casper Mikkelsen misappropriated the funds in a typical Ponzi scheme, by paying purported forex trading profits to clients.
CFTC Acting Director of Enforcement Vincent McGonagle., said: “The CFTC will continue to partner with foreign regulators and other agencies to aggressively pursue individuals who use our markets to misappropriate funds from unsuspecting victims no matter where these individuals may reside.”
In late March, a US court ordered Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC, in another case of an FX and Crypto Ponzi scheme. The defendants fraudulently solicited at least $7.2 million from at least 322 clients, who intended to trade forex or cryptocurrency in managed…
