August 25, 2021
Default judgment was entered against Silver Star FX, LLC d/b/a Silver Star Live, Silver Star Live Software LLC, and David Wayne Mayer based on findings that, acting as unregistered commodity trading advisors, they fraudulently solicited customers to open discretionary foreign exchange trading accounts that would purportedly use an automated trading software developed by Mayer. Defendants misrepresented Mayer’s qualifications and trading experience, as well as the trading system’s performance history and expected profits. Defendants were ordered to pay $3.9 million in restitution and $11.7 million in civil monetary penalties. CFTC
Tagged in: Foreign Exchange, Fraud in CFTC-Regulated Markets, Misrepresentations, Regulatory Violations,