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June 22, 2017

Posted  June 22, 2017

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Michael S. Wright, of Jersey City, New Jersey, and his firm Wright Time Capital Group LLC, d/b/a Global FX Club(WTCG), a New York limited liability company, charging them with fraud, misappropriation, and issuing false account statements in connection with a pooled investment in foreign currency derivatives (forex) trading. The CFTC Complaint also charges WTCG with failing to register with the CFTC as a commodity pool operator (CPO), as required, and engaging in activities prohibited for a CPO, including commingling pool funds with Defendants’ funds. Specifically, the CFTC Complaint alleges that from approximately August 2010 through the present, Defendants engaged in a fraudulent scheme to solicit more than $400,000 from at least 10 members of the public, promising to use pool participant funds for forex trading. Defendants allegedly traded only a portion of pool participants’ funds and misappropriated the majority of those funds for unauthorized personal or business expenses such as food, clothing, jewelry, and entertainment. CFTC

Tagged in: Foreign Exchange,