The Commodity Futures Trading Commission, also known as the CFTC, recently filed a lawsuit against one Simon Jousef in relation to his scammer online forex business, FutureFX. Simon Jousef is held responsible for soliciting users to subscribe to his fraudulent broker website, in turn offering them the chance to trade forex and commodity futures, as well as a slew of other services such as educational videos and online customer support.
All in all, the typical scammer broker doings, but what distinguishes this one is that these activities were done under the nose of the CFTC and the NFA, which are considered as the top financial regulators in the world. Additionally, Jousef and his firm have been charged for providing false and misleading CTA registration updates to the NFA, in relations to the predecessor company of FuturesFX.
FutureFX demanded a $9000 deposit from user in order to access the platform, which to the surprise of many, actually fostered $1.3 million on average in subscription fees. As we vaguely mentioned, many of these users were located in the United States.
The typical ways of attracting clientele were utilized, including false email ads and misleading statements about the website, claims leading many to believe that Jousef was registered as a commodity trading advisor with the CFTC, which he was definitely not.
Simon Jousef is currently facing serious charges like civil monetary penalties, trading bans and authoritative warning against future violations of the federal laws, and is expected to return all funds to their original source, i.e the defrauded traders.