October 28, 2019

Precious metals traders Omega Knight 2, LLC and Aviv Hen have been ordered to pay more than $15 million for engaging in fraudulent and illegal transactions and failing to register as a futures commission merchant with the CFTC.  Despite not being authorized to accept customer funds, Omega Knight allegedly made false statements to potential customers in order to obtain some $5.5 million from at least 90 customers, much of which was misappropriated to pay company bills, personal expenses, and prior customers.  A third defendant, Erez Hen, has been ordered to pay $350,000.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets,