CFTC accuses investment firm of Forex trading fraud

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By Jeannie O’Sullivan (September 29, 2021, 6:53 p.m. EDT) – The United States Commodity Futures Commission on Wednesday filed a lawsuit in New Jersey federal court accusing investment firm Tradewale LLC of having convinced US-based clients to pay foreign currency money for business investments that did not exist.

Tradewale has made false promises of high returns and minimal risk to attract investment into a “single trading system” that allegedly relies on artificial intelligence to trade transactions in the forex, or forex market, the company said. CFTC.

In reality, Tradewale did not have a US-based forex trading account, was not a registered commodity trading advisor, and spent client funds on personal expenses and cash withdrawals, according to the CFTC. ….

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