The US Commodity Futures Trading Commission, or CFTC, has recently announced that New York Southern District Court has recently entered a consent order. This consent order was against Eyal Alper and seeks a permanent injunction against him. Alper himself has been charged with running a fraudulent foreign exchange platform.
Forced To Dock Out Over $700,000
Alper, having come from Irvington, New York, will be mandated to pay restitution that totaled $352,901 as a part of this Court Order. Furthermore, Alper will be mandated to pay a further $352,901 as a form of civil monetary penalty, with further permanent bans on registration and trading against the man himself.
The order itself further prohibits Alper from violating the Commodity Exchange Act provisions, as well as the CFTC’s regulations. The case against Alper itself first began with the CFTC filing a complaint against him, doing so on the 24th of October, 2019. The regulator had hit him with an array of charges: Misappropriation, fraud, as well as engaging in prohibited activities while acting as a commodity trading advisor.
A Classic Tale Of A Scammer
The CFTC released a statement on Tuesday, explaining that the order had found that Alper had fraudulently solicited people of the public to trade in forex and futures contracts. They did so through the use of managed accounts, according to the CFTC, and stretched between the period of late 2015 to October of 2019.
As is the case in these sorts of matters, Alpers had intentionally misrepresented and omitted information to his clients as part of the scam at large. One of the key false representations herein is his claims that he was a successful, experienced trader, who himself controls a large dollar trading account within a trading firm based in the UK.
As is typical in such cases, Alper did not do what was promised and opened up trading accounts for his victims. Instead, he used this money for his own personal use, including car rentals, international travel, as well as restaurant bills. Typically, the first thing scammers buy is a very expensive car, so it’s refreshing to see that the man opted to rent, in this case.
The Public Assurances
The regulator made a public statement about the matter at large. The regulator had issued out a caution towards court orders that would mandate repaying the funds to the victims. This is due to the fact that it may not result in any money that was lost actually being recovered, due to the fact that the wrongdoer, in this case, may not have sufficient funds or assets, already. The regulator gave its utmost assurances, however, that it will continue to “fight vigorously” in order to protect its US customers and ensure accountability for these cases.