QuantX and its owner ordered to pay more than $1 Million for Forex Fraud 

cftc-logo

The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Jonathan A. Parker and QuantX Capital, LLC (QuantX), both of Marietta, Georgia, jointly and severally to pay a $680,000 civil monetary penalty and restitution totaling $341,500 and imposing permanent trading and registration bans on them for committing fraud and misappropriation in connection with operating a commodity pool that offered leveraged or margined off-exchange foreign currency (forex) transactions. Parker, a former CFTC registrant, is the CEO, President, and sole owner of QuantX and is responsible for all the company’s activities.

According to the Order, from at least November 2010 through October 2015, Parker and QuantX fraudulently solicited and accepted at least $341,500 from at least eight individuals to make pooled investments in retail off-exchange forex transactions, but none of the funds were ever deposited into a pooled account or used for retail forex transactions. Instead, the Order finds that Parker and QuantX fraudulently misappropriated at least $341,500 of the funds for business and personal expenses. The Order also finds that Parker and QuantX created and distributed account statements to investors that falsely claimed that they had engaged on behalf of investors in retail forex transactions that were profitable and made other material misrepresentations to investors.

In addition, QuantX acted as a Commodity Pool Operator and Parker acted as an Associated Person of QuantX without being registered with the CFTC as required, the Order finds.

The CFTC cautions that Orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets.  The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

The CFTC thanks the National Futures Association for its assistance in this matter.

CFTC Division of Enforcement staff members responsible for this case are Michael P. Geiser, Alben Weinstein, David W. MacGregor, Lenel Hickson, Jr., and Manal M. Sultan.

Source: CFTC

One Response to QuantX and its owner ordered to pay more than $1 Million for Forex Fraud

  1. Haroun Kola

    Another ponzi scheme busted?

     

Leave a Comment


Broker Cyprus TopFX