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CFTC seeks imposition of civil monetary penalty of $1.1m on Global FX Club

“The CFTC seeks Permanent Injunction against WTGG, restitution of $371,250, as well as a civil monetary penalty of $1,113,750” reports financefeeds.com. The company did not use all of pool participants’ funds to engage in Forex trading and instead misappropriated pool participants’ funds for unauthorized personal and business expenses. Wright shall pay restitution in the amount of $400,000, plus post-judgment interest, as well as a civil monetary penalty of $100,000.The Commission moves the Court to grant final judgment by default against WTCG, order permanent injunctive relief, and impose a restitution obligation and civil monetary penalty.The fraudulent solicitations included misrepresentations that all or substantially all of pool participants’ funds would be pooled and used to engage in forex trading.
 
Source: financefeeds.com



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