July 18, 2014

The CFTC filed an amended Complaint against Missouri resident Daniel K. Steele and his firm Champion Management International charging them with misappropriation, issuance of false account statements, and other acts of fraudulent solicitation and concealment relating to their solicitation of investments in foreign currency (forex) pools.  The amended Complaint follows a CFTC complaint against them filed in September 2013.  The amended Complaint further alleges that Steele knowingly made material misrepresentations to actual and prospective pool participants concerning Defendants’ forex trading and trading results.  The amended Complaint also alleges that Steele concealed trading losses, misappropriated approximately $1 million of pool participants’ funds for personal use, and issued false account statements to pool participants reflecting that they were earning profits when instead Steele was misappropriating the majority of their funds, all in violation of Section 4b of the Commodities Exchange Act.  CFTC

Tagged in: Foreign Exchange,