Is Money At Rofx.net An Investment Or Purchasing A Service?

CFTC charges ROFX.cyberspace in $58 1000000 forex fraud scheme

The Commodity Futures Trading Commission has revealed it has charged five individuals and five companies with fraud, misappropriation and registration violations in relation to a fraudulent forex scheme.

The defendants include Jase Davis of Brandon, Borys Konovalenko; Anna Shymko of Duluth, Alla Skala Fort Erie, Timothy Stubbs, Notus LLC, Easy Com LLC, Global East-Advantages LLC a/g/a Kickmagic LLC, Grovee LLC, Shopostar LLC all doing business as ROFX.

The scheme

According to the U.s.a. regulator, the defendants used the ROFX.net website to fraudulently solicit funds from US and international customers. Purporting to offering trading in forex, the defendants misappropriated $58 1000000 in the menses between Jan 2018 and September 2021.

CFTC alleges that the ROFX website claimed to trade forex using a highly successful automated trading robot with guaranteed coverage of losses. More than than 1,100 customers opened trading accounts through the website and deposited their money in the name of one or more of the companies, all controlled by the private defendants.

All of the funds the defendants obtained by the defendants, they misappropriated by wiring to non-trading corporate entities in Poland, Thailand, and elsewhere, as well as to the individual defendants themselves.

Additionally, the regulator discovered that companies acted as futures commission merchants by doing business as ROFX. They solicited or accepted orders for retail forex transactions via the ROFX website, and accepted funds related to such transactions without being registered with the CFTC.

The CFTC noted that information technology seeks restitution to the afflicted individuals, disgorgement, civil budgetary penalties, bans and injunctions against further violations.

Before in Dec, the CFTC filed charges confronting WorldWideMarkets, Ltd., TAB Networks, Inc., Thomas Plaut and Arthur Dembro in a multi-million-dollar forex fraud.