U.S. derivatives market regulator Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the District of New Jersey issued a default order of final judgment against Illinois-based Valdas Dapkus on November 28. On May 4, the court issued a default order of final judgement against two entities Dapkus controlled – Tradewale LLC and Tradewale Managed Fund.
The court’s orders resolve the CFTC’s September 2021 action against Dapkus and the Tradewale entities, finding all defendants liable for fraudulently soliciting members of the public for investments in a purported retail off-exchange foreign currency fund managed by Tradewale and misappropriating investor funds. The Tradewale entities were also found liable for failure to register as commodity trading advisors (CTA).
The…
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