The Commodity Futures Trading Commission (CFTC) today announced a civil enforcement action in the U.S. District Court for the District of Oregon against SimTradePro Inc., an Oregon corporation, and its founder, Robert L. Adams.
The complaint alleges the defendants defrauded more than 100 U.S. customers out of at least $2.3 million; acted as an unregistered commodity pool operator and commodity trading advisor; failed to make the required disclosure regarding simulated or hypothetical trading results; and Adams acted as an unregistered associated person of an introducing broker.
As alleged in the complaint, from at least February 2018 to April 2019, the defendants solicited at least $2.3 million from more than 100 pool participants that they subsequently used to trade leveraged Forex and metals on the pool participants’ behalf.
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