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April 7, 2022

Posted  April 7, 2022

Alan Friedland, Fintech Investment Group, Inc., and Compcoin LLC will pay $1.8 million to settle allegations of Commodities Exchange Act violations. Friedland, through his companies, fraudulently solicited customers to invest in a nonexistent proprietary forex trading algorithm, ART, which promised highly successful prediction of forex rates for its users. The defendants solicited customers over a 2-year period, knowing that the required approval from National Futures Association had not been obtained. The approval never materialized, and the investors were saddled with a worthless digital asset. The Court entered an order for permanent injunction, monetary sanctions, and equitable relief against the defendants. CFTC

Tagged in: Financial and Investment Fraud, Foreign Exchange, Misrepresentations, Regulatory Violations,